Struggling homeowners 'have a number of options'

Homeowners who are finding it difficult to keep up with mortgage repayments do have a number of options available to them, according to one expert.

Paul Fletcher, the director of the Repossessions Advice Centre, says that many people remain unaware of the choices they have in terms of repaying a loan.

He added homeowners must not "bury their heads in the sand" and instead, be proactive about ensuring that they keep on top of their finances.

"There are options available, so it''s far better to address the situation before it happens; to really sit down and budget yourself for the next year," Mr Fletcher insisted.

Even homeowners who are facing repossession should remain positive as "there are structures in place which the courts will address for you to clear your arrears and put a feasible payment structure in place".

This week both HSBC and Standard Life Bank announced cuts to their variable mortgage rates in line with the recent interest rate reduction.

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