Individuals wishing to avoid the need for repossessions have a number of options open to them at present, it has been claimed.
Ben Wilkie, editor at What Mortgage, has noted an increase in these new avenues has been a key factor in driving down the number of home repossessions in the last few years.
The trend may be particularly surprising given the worsening of the economic climate over this time.
Mr Wilkie suggested people who feel they are in serious trouble should consider the numerous ways they can attempt to improve their lot, adding: "One of those options is to go interest-only, and an interest-only mortgage is costing you virtually nothing with a tracker or variable rate deal."
The industry expert was speaking after the Financial Services Authority recently revealed the number of arrears cases over the second quarter of 2011 was similar to the levels recorded across the year's first quarter.
People have many options to avoid repossessions
Fri, 16 Sep 2011
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