AMI response to call for lenders to support borrowers

The Association Mortgage Intermediaries (AMI) has today (12 December) issued a response to homeowners who may be facing a difficult time financially.

Chris Cummings, Director General of AMI, said: "Borrowers who are coming out of fixed rate mortgages may find the sudden hike in payments a huge shock and suffer financial strain as a result. Lenders and Mortgage Intermediaries, working together, have a role to play in supporting clients and we should do all we can to prevent them entering into financial hardship and potential home repossession. Mortgage intermediaries themselves are best placed to help people find the best deals in a difficult market.

"As an industry we do not want to return to a culture of unmanageable debt and home repossession, which would have a negative effect on consumer confidence and the wider economy."