Advisors have role to play

Published: May 12, 2008

People concerned about their mortgage interest rates should seek advice from an independent financial advisor.

That is according to the Association of Independent Financial Advisors (AIFA), which said that there is plenty of good advice on offer for those who need it.

The global credit crunch has undoubtedly led to some mortgage interest rates rising.

Only a very small number of people have been negatively affected but the government has acted quickly to launch help for these people.

The AIFA is reminding the government that financial advisors have a role to play in this area.

"The government should… recognise the key role of financial advisers in assisting those who experience financial difficulties," said AIFA director general Chris Cummings.

"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," he added.