Last year 13,659 people – the highest number recorded – contacted the ombudsman for help with a mortgage or secured loan problem. Yet a third of those people had slipped into arrears before they sought help.
Of the remaining cases, it became clear that a large number of people struggling to make ends meet felt unable to say that they were facing significant financial problems – or were concerned about the impact of telling their lender of their situation.
Chief Ombudsman, Tony Boorman said:
"Mortgages are the most significant purchase most of us will make in our lives, so we understand why people might be reluctant to say that they’re struggling to pay for their home.
"Many of the cases where people face losing their home have been heart-breaking to deal with – but could potentially have been avoided. So if money is tight, you should never be afraid to ask for help or guidance. Speak up sooner rather than later, there’s a lot that can be done to help before things get out of hand.
"Consumers and lenders all have a responsibility to work together when problems arise. And though it pays to be realistic about the options available to you, if your lender isn’t listening, we’re here to give you practical, honest advice to help sort out your problem."
