Conditions within the UK’s housing market are "rapidly worsening", according to the latest assessment of the Council of Mortgage Lenders (CML).
The slump ion prices and borrowing activity has raised the spectre of repossession for thousands of families and the CML is keen to see action taken to slow the housing market downturn.
Earlier this month, the Bank of England cut the base rate of interest by a quarter-point bu the council is convinced of the need for more reductions to ensure that mortgage deals are accessible to UK consumers.
Michael Coogan, director general of the CML, said: "As mortgage costs increase, it remains important for any borrower with potential financial difficulties to speak to their lender as soon as possible and preferably before they have missed a payment."
A report from Prudential recently suggested that money problems are forcing thousands of British families to house three generations under the same roof.