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Posted by Chris Stevenson

Britons finding it tough to meet their home loan repayment requirements should consult their bank or building society for advice sooner rather than later.

That is according to Bernard Clarke, communications manager at the Council of Mortgage Lenders (CML), who believes speaking to professionals in the industry is one of the best ways to resolve such issues.

Mr Clarke explained that financiers will strive to help people come up with a manageable plan to improve their situation as long as they are made aware of any problems at an early stage.

Recently, figures from Shelter revealed that nearly one million people across the UK resorted to using payday loans to meet their mortgage or rent costs last year.

However, the CML official stated that individuals with tracker mortgages are unlikely to see their repayments rise significantly in 2012 as interest rates appear set to stay low for the "foreseeable future".

09/01/2012 14:06