FSA plans to help home owners
By Meera Patel | 05 Mar, 2008
A Financial Services Authority (FSA) survey has revealed that one in five mortgage borrowers are expected to be in arrears in the next 12 months. A quarter of these borrowers have also admitted that they have no plans to meet this shortfall in their mortgage repayments.
The rising cost of borrowing means this could be worrying news for many home owners, particularly those whose fixed rate or discount mortgages are coming to an end this year. With the added pressure of rising costs elsewhere like utility bills and food, many individuals may struggle to keep up their repayments.
In response, the FSA is launching an advertising campaign to inform consumers about the financial options available to them. They also have a mortgage check list on their website which briefly runs through aspects like learning to budget and making adjustments to your outgoings where possible. Above all, individuals should not panic and if you are concerned you should speak to your lender or even get free independent debt advice from specialist agencies.
