A money advice charity has said that homeowners who are concerned about mortgage repayments should talk to their lender before they start defaulting.
Homeowners should contact their lender as soon as they think they may have an issue with mortgage repayments, according to a money advice charity.
The issue of repossessions has become more prominent of late, with a report from the Financial Services Authority this month revealing that July to September of last year saw 13,161 homes repossessed. This was up from 11,078 in the three previous months and 6,838 in the same period of 2007.
Some analysts have predicted this trend could continue, with more redundancies expected this year and increasingly gloomy estimates on the UK's economic prospects.
Beccy Boden Wilks, from the Money Advice Trust, explained that the best thing homeowners can do to avoid this situation is to talk to their lender as soon as they think they could get in trouble.
"[Repossession] really should be a last resort but you're probably more likely to stay in your home if you contact your lender and try and discuss with them before you start defaulting," she said.
"You also get advice as well so you've got all of the information and you know: 'This is what my rights are. These are the new government initiatives that have been introduced. This is what I need to argue.'."
