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Struggling mortgage holders 'have options open to them'
Posted by Emily Swanson
Britons finding it tough to meet their mortgage repayments still have numerous options available to them.
That is according to Ben Wilkie, editor at What Mortgage, who has advised any struggling homeowners to look into alternative products and plans that may be better suited to their individual financial needs.
For instance, Mr Wilkie noted that one such choice could be to sign up for an interest-only mortgage, as this can help people to manage their money and outgoings more effectively than other packages.
Last week (September 13th), data from the Financial Services Authority revealed that the number of individuals across the country in home loan arrears dropped by one per cent in the second quarter of 2011 in comparison to the same period last year.
And Mr Wilkie explained this is predominantly because the Bank of England has opted to maintain interest rates at a historically low level of 0.5 per cent for the last 30 months in a row.
20/09/2011 15:26
News category: Property