You are here: Home - Your Community - Top Comments -

Borrowers can see ‘things are going to get worse’ – Star Letter 12/04/2024

  • 12/04/2024
  • 0
Borrowers can see ‘things are going to get worse’ – Star Letter 12/04/2024
Each week, Mortgage Solutions and its sister title, Specialist Lending Solutions, pick the top comments from our readers.

This week’s comment was in response to the story: New rules for mortgage lenders as quarter of Brits struggle with cost-of-living crisis 

Sox said: “This is very good news, so many times I’ve spoken with clients who, for whatever reason, need a ‘temporary’ fix because they can see that things are going to get worse and they are going to start to struggle. Yet their lender has refused to assist further until they fall into arrears, thus ruining their credit rating, which impacts their lives in other ways and is really not a way to treat people.

“Obviously the Mortgage Charter is currently catching a lot of these people, and long may it continue, but there are other options such as part and part repayments or a three-month payment holiday, for example. Listening and understanding people’s individual circumstances instead of applying a ‘broad brush’ policy is a step forward.” 

Sox added: “I get the impression it’s the lenders’ systems that often prevent this, as they just don’t have the IT capacity to play around with variable payments, but this isn’t really a valid excuse when there is a struggling human being in need.” 

There are 0 Comment(s)

You may also be interested in