Insurance News Archive

Problems with property insurance or payments? Speak to your lender

Property owners struggling to make payments for their buildings should endeavour to speak to their lender, according to the Council of Mortgage Lenders (CML).

According to Bernard Clarke, communications manager at CML, property owners and landlords who are facing financial troubles relating to mortgages of payments should contact their lender who will devise a solution.

There are, of course, thing that can help landlords such as rent guarantee insurance, but simply talking and sharing financial issues can also bring about a solution, according to the CML.

Mr Clarke said: "We always urge any borrower who faces a payment problem to talk to their lender about it.

If they are in difficulties and considering those options, what may be more helpful for them is to seek advice either from agencies like Shelter."

Shelter revealed recently that almost one million people have taken out a payday loan to help pay their rent or mortgage in the past 12 months.

Posted by Judith Stevenson

06 Jan 2012