Worried borrowers fail to plan ahead

Mortgage repayments will cause concern for one-in-five mortgage holders over the next year, according to the Financial Services Authority (FSA). Of those worried about making their repayments over the next twelve months, a quarter said they had no plans about what to do. As a result, the FSA has launched a £2m advertising campaign to point consumers in the right direction when it comes to making informed financial decisions. The campaign will target those with fixed rate or discount deals that are coming to an end this year, in particular. The FSA estimates 1.4 million short-term fixed rates are due to end in 2008.

Chris Pond, FSA Director of Financial Capability, 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 regulator has also published a checklist, advising consumers to check their budget, start planning now and speak to their lender and/or get free advice if they are worried about meeting repayments.

For more information visit www.moneymadeclear.fsa.gov.uk and www.yourmortgage.co.uk

About the Author

Articles for www.yourmortgage.co.uk bestlifeinsurancedeals.co.uk which covers Mortgage and Mortgages Information and useful Life insurance

Source: Newsletters Articles on ArticlesTree.com





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