The solutions help borrowers who have overstretched themselves financially and are not able to remortgage in the normal way.
They enable intermediaries to provide their clients with a range of specialist services including the arrangement of IVAs, trust deeds, full and final arrangements, specialist debt management support and help with property disposal.
Intermediaries need only complete a simple referral form on the Mortgage Next website and a specialist adviser will take over and provide the client with expert advice.
Brokers will be paid a fee for the referral and will retain control of their client relationships.
Lisa Barber, sales & marketing director at Mortgage Next, said: “The FSA's recent warning that 1.5 million borrowers may find it ‘difficult if not impossible’ to find an affordable remortgage deal next year, is a salutary warning to all of us in the lending industry that an increasing number of our clients may need specialist debt management advice in 2008.
“The services Mortgage Next has put in place means that intermediaries should never have to say ‘I can’t help’ to their clients, no matter how difficult or complex their financial predicament may be.”
At the end of October 2007, total UK personal debt stood at £1.391bn and is growing at a rate of 9.7 per cent per year (or, to put it another way, by £1 million every 4 minutes). The average household debt (excluding mortgages) is currently £8,920.
