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Help for troubled homeowners welcomed

Help for troubled homeowners welcomed

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The move to offer more support to struggling homeowners has been welcomed by the Association of Independent Financial Advisers (AIFA) and the Association of Mortgage Intermediaries (AMI).

Her Majesty's Treasury and Communities and Local Government announced last week that it would be introducing a £10 million package of aid to strengthen the support given to debt-burdened consumers.

Director general of AIFA and AMI Chris Cummings said the announcement is "good news" for mortgage holders.

"Helping consumers better manage their finances through better budgeting means they are less likely to be a burden on the state and will not suffer damage to their credit ratings," he said.

Mr Cummings added that with help from financial experts, homeowners may be able to secure a new mortgage deal and help them manage their debts.

Last week, David Stubbs, a senior economist at the Royal Institution of Chartered Surveyors, said that it has become increasingly difficult for homeowners to secure a suitable remortgage deal.

Your home may be repossessed if you do not keep up repayments on your mortgage.

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