While the overall UK property market is holding up remarkably well in what are difficult market conditions, there is a good chance that we may see a substantial fall in both demand and prices at some stage. Even though interest rates are on the way down, leading (eventually) to lower mortgage payments, the forecast slowdown in the economy will put pressure on the employment market.

There are signs that some home owners are already starting to feel the pinch as the cost of living continues to move higher, but the double whammy of a slowing economy could suddenly see the number of mortgage player in trouble shoot up. So what can you do?

Rather than wait for potential problems to unfold you should always keep your mortgage provider in the loop with regards to your situation and how you see it possibly progressing. If you are able to keep you mortgage provider onside there is every chance that they will help you when it is required, and they may actually be able to pass on advice which could avoid any future problems. The worst thing which you can do if you sense trouble around the corner is to sit back and let it happen, or bury your head in the sand.

By showing your mortgage provider that you are being proactive rather than reactive this gives the impression that you actually want to help yourself, and avoid any major problems. This is exactly the kind of attitude which many financial companies are looking for, and any concerns that your comments will be used against you in any way are unfounded. Life can be tough with a large mortgage hanging over your head, but there are people out there to help you, there are many who have been through similar markets.

Don’t ever think that it is just happening to you because over the next 12 months it will be those who do not help themselves who will have most to lose!