Repayment advice given - buy to let mortgages

20 February 2009

Holders of buy to let mortgages have been offered guidance on how to avoid falling behind with repayments as the recession deepens.

The Council of Mortgage Lenders, along with Shelter and Citizens Advice, have put together some tips for property owners on how to deal with debt.

Borrowers were urged by the bodies to take early action to offset the threat of repossession.

For those who are experiencing difficulties, the organisations advised that problems must not be ignored and people must seek help from banks and building societies.

"The vast majority of those who face temporary problems will be able to work with their lender to find a solution. The key is to tell your lender straight away and keep paying what you can," remarked CML director general Michael Coogan.

Meanwhile Simon Zutshi, the founder of Property Investors Network, has noted that the skills and knowledge required to succeed in the buy to let market have changed since the onset of the economic downturn.