Mortgage arrears: Flaws found in support for the vulnerable - BBC News
BBC News - Thu 6 Dec 17:19 GMT

Mortgage arrears: Flaws found in support for the vulnerable - BBC News

Lenders are failing to support some vulnerable people who fall behind on their repayments, the FCA says.

  Image copyright Getty Images Mortgage lenders are failing to support some vulnerable people who have fallen behind on their repayments, the financial watchdog has said.

  Banks and building societies are generally treating those with long-term mortgage arrears well, the Financial Conduct Authority (FCA) said.

  Low interest rates mean that those in arrears on their mortgage are not seeing their debt soar.

  The FCA said it had found "isolated examples" when mortgage holders were unable to recover the situation and their debt continued to rise - despite seeking help from their provider.

  Anyone falling behind on their mortgage repayments is urged to contact their lender as soon as possible, to be open about the situation, and be aware that repossession of their home is a last resort.