Home owners facing foreclosure are increasing in number and many companies are rushing to fill the need. A new mortgage advice company has opened in the UK for those who need assistance. Mortgage Advice Trust will be available to help all who are concerned about their home loans.”The idea behind the initiative is to give free early advice to these borrowers coming off their fixed-rate deals and highlight key sources of independent and free confidential advice, such as adviceUK members, Citizens Advice (CA), Business Debtline, National Debtline and the Consumer Credit Counselling Service (CCCS),” explained the Money Advice Trust’s chief executive, Joanna Elson. “Our experience suggests that if you do get into difficulty, seeking free independent advice as soon as possible is the best option to help you sort out your problems. There is always something that can be done and the earlier you seek advice the more options you will have.” Michael Coogan, director general of the CML, said: “A large number of borrowers are likely to see their mortgage costs rise when their fixed-rate deals expire this year. We may be past the peak of the ‘payment shock’ this will produce, but market conditions remain uncertain and borrowing costs are continuing to rise.”
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