Homeowners struggling with mortgage repayments have been told to get in touch with their lender "as soon as possible".
Mortgage customers should meet with their provider as soon as they find themselves in trouble, according to the Building Societies Association (BSA).
The government has introduced a number of measures to help struggling homeowners and has also told lenders to use repossession as a last resort. Among these is the Homeowner Mortgage Support Scheme, which aims to provide assistance for people who find themselves dealing with a temporary loss of income.
It lets lenders reduce monthly payments, saving up the loss to be paid at a later date when the customer can afford it. The government will guarantee part of any loss in the event that the borrower cannot repay.
However, while the BSA welcomed the launching of the scheme, it emphasised the importance of being open and honest with lenders, and dealing with difficult situations as they arise.
"For building societies, taking possession of a property really is the last resort," said BSA head of mortgage policy Paul Broadhead. "They maintain good relationships with their customers to ensure that they can develop individual solutions to arrears problems, and this scheme could represent an important new tool for them."
He concluded: "It remains the case that as soon as borrowers believe they may have a problem, the most important thing is that they should contact their lender as soon as possible to allow the best solution for them to be determined."
