Financial Advisers can play key role in support for troubled homeowners

The Association of Independent Financial Advisers and the Association of Mortgage Intermediaries respond to joint HM Treasury and CLG announcement on additional support for homeowners facing financial difficulty.

Chris Cummings, Director General of AIFA and AMI, said: "This announcement is good news for homeowners, but the government should also recognise the key role of financial advisers in assisting those who experience financial difficulties. Advisers can help consumers to adopt better financial management and better all round budgeting. In particular they can help manage debt through talking to the lender, finding an alternative mortgage deal or an alternative financial solution.

"Some lenders are helping by sharing information with intermediaries on homeowners who are getting into arrears problems. Intermediaries can then advise consumers and help prevent them getting into more serious difficulties. Helping consumers better manage their finances through better budgeting means they are less likely to be a burden on the state and will not suffer damage to their credit ratings."