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Bank loans: Strugglign mortgage payers 'have options'

Homeowners may be struggling to pay their mortgages in the face of increased financial pressure and rising inflation, but there are certain options open to them.

According to What Mortgage, interest rates remaining at an historic low have helped to limit the damage of people struggling in the face of mounting debt.

But while repossessions may have been kept somewhat in check, rising interest rates could quickly put paid to that and leave people under increased strain.

Ben Wilkie, editor of the company, said: "If people are in trouble then there are options available to them. 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.

"I think that is one of the reasons why we haven't seen that many repossessions over the past couple of years despite the worsening economic climate."

According to the Financial Services Authority, there were 35,700 cases of new arrears.ADNFCR-2776-ID-800730849-ADNFCR

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