Individuals having trouble paying their mortgage or rent should seek help to ease the financial stress they are under.
This is the suggestion of Bernard Clarke, communications manager at the Council of Mortgage Lenders (CML), who was speaking in response to new figures from Shelter that revealed almost one million people have taken out a payday loan to help keep a roof over their heads in the last year.
The industry figure recommended UK adults facing difficulty approach either agencies such as the homelessness charity or their mortgage lender in order to get the problem sorted.
Mr Clarke stated: “We always urge any borrower who faces a payment problem to talk to their lender about it as their lender will try to help them devise a solution.”
He went on to point out that interest rates are likely to remain low in the near future, with any rises occurring at a markedly slow pace.
The Shelter study also revealed nearly seven million Brits are relying on credit of one form or another to keep abreast of their housing costs, including credit cards, unauthorised loans and other loans .
