In over three quarters of cases, borrowers were offered some form of assistance, however Which? has warned that a significant minority of lenders aren’t doing enough to help their customers.
According to its research, over 70% of people are worried about mortgage rates, with 14% struggling with their repayments.
Which? also found that just a third of people who are struggling with mortgage repayments have approached their lender for help.
Options available to lenders include moving customers from a repayment to an interest-only mortgage, allowing them a payment holiday or allowing them to move to a different deal.
Which? executive director Richard Lloyd, said: “With ongoing uncertainty about the economy, it’s not surprising that many people are worried about their household finances. For some it would only take a small increase in mortgage rates to send them over the edge.
“If you’re struggling with mortgage repayments then your first port of call should be your lender. It’s not in anyone’s interest for people to default on their mortgage, so it’s important that lenders do all they can to help their customers who are struggling with repayments.”
Which? research also showed that while the Bank of England base rate is not expected to rise in the near future, a fifth of lenders have increased the rates on their SVR mortgages since the rate reached its all time low of 0.5% in March 2009.
Lenders that have increased the rates on both new and existing mortgages since 2009 include Accord Mortgages, Skipton Building Society, ex-mutual Kent Reliance Banking Services and Norwich & Peterborough Building Society.
