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Product category: Mortgages / Housing
News Release from: Moneysupermarket.com | Subject: Mortgages
Edited by the Insidemoneytalk Editorial Team on 09 June 2008

moneysupermarket.com comment on today's
announcement from the CML

Commenting on today's announcement that mortgage lenders will do more to ease the payment shock faced by millions of borrowers coming off cheap fixed rate deals this year,

Louise Cuming, head of mortgages at price comparison site moneysupermarket.com, said: "Finally lenders have publicly announced they will do more to support borrowers through these difficult times While they do have a regulatory obligation to treat borrowers with financial problems sympathetically, this proactive approach should go one step further by offering support before the financial hardship kicks in

"It's also pleasing to see lenders commit to reviewing their existing arrears management policies.

moneysupermarket.com has long championed the plight of the borrower who faces steep arrears charges at a time when they are most vulnerable.

This is the time for lenders to put their money where their mouth is and help their struggling borrowers by removing any charge for arrears advice.

If they can nurse a borrower successfully through the difficult times, everybody wins in the longer-term.

The current danger is that borrowers will bury their heads, especially if they feel a plea for help will only result in fees that increase the amount they owe.".

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