Mortgage warning to bank customers
1st September 2011
The Government-owned company that manages, governs and controls nationalised banks Bradford & Bingley and Northern Rock is to contact customers of the banks who they consider to be at risk of losing their homes, reminding them to prioritise their mortgage payments.
UK Asset Resolution (UKAR) will ring more than 30,000 mortgage lenders to remind them of the importance of paying off their loans for home purchase, compared with splashing on luxuries such as renewing their subscription to Sky TV or buying a new BlackBerry.
With living costs and gas and electricity prices on the rise, people have less spare cash lying around to spend on luxury items and the UKAR is warning homeowners to spend what money they do have on paying off their mortgages.
UKAR chief executive Richard Banks told the Yorkshire Post: "Some people won't cope when interest rates rise, but for others there are remedies.
"They need to think about what is their most important debt. It's not the credit card, or renewing their Sky subscription, or going out for the latest mobile technology, it's their mortgage."
Copyright © Press Association 2011
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