FSA helping people worried about making mortgage repayments
The FSA (Financial Services Authority) have started a nationwide campaign to try and help out people who are worried about making their mortgage repayments.
The campaign stems from the fact that 1 in 5 homeowners with a mortgage are worried about making their repayments in the next 12 months and worryingly a quarter of these people said they have no idea how they will make their repayments.
With an estimated 1.4 million fixed rate mortgages set to finish in 2008 it’s very important that people understand the basics of remortgaging and can make and informed choice of their own when they remortgage. This is especially important in the current financial climate.
FSA Director of Financial Capability, Chris Pond, said:
“Economic conditions are getting tougher, putting pressure on family finances. As the UK’s financial watchdog we can help. Our new checklist sets out simple steps that homeowners can take to manage their money and mortgage in difficult times.”
“And for those who are really struggling, don’t panic. Talk to your lender or get free, confidential debt advice.”
The FSA have put together a guide called Stay in control of your mortgage, it’s a checklist available from their Moneymadeclear web site.
The FSA are also spending £2 million advertising the campaign through the http://www.moneymadeclear.fsa.gov.uk consumer web site. The non-consumer FSA site is http://www.fsa.gov.uk
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