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Lenders 'need to be sympathetic'

11th May 2007

Lenders need to be sympathetic towards their mortgage customers, many of whom are facing significant debt management difficulties, according to Peter Tutton from the Citizens Advice charity.

Mr Tutton suggests that the latest rise in the cost of borrowing could mean the difference for many consumers between having a manageable credit situation and facing "serious debt".

Additionally, the Citizens Advice spokesperson points out that problems relating to housing debt are becoming a growing concern across the UK and that an increasing number of people are stretching their finances to the "absolute limit" to get a foot on the property ladder.

"Lenders need to be sympathetic towards people who are struggling with payments and anybody in arrears should talk to their lender and get independent advice as soon as possible," said Mr Tutton.

"Anyone taking on a new mortgage should check very carefully whether they can afford it," he added.

Over 1.4 million people approached Citizens Advice about debt over the course of 2006, the organisation revealed earlier this year.

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