Money News
New figures published by the Financial Services Authority (FSA) show 20% of mortgage borrowers expressing concern about meeting their repayments in the next 12 months. When asked how they would meet these costs, a quarter of them said they had no plans.
Against this backdrop the City regulator is launching a £2 million advertising campaign to help consumers make informed financial decisions and find the right mortgage for them. It is especially focusing on people whose fixed rate or discount deals are coming to an end this year - 1.4 million short-term fixed rate mortgages 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," Pond adds.
04 March 2008 © Moneyextra.com
Moneyextra.com recommends you should consider taking independent financial advice before acting on any article. Please contact us for help with your individual circumstances if any assistance is required.