UK Money News
4th March 2008
FSA to help struggling homeowners
The Financial Services Authority (FSA) has launched a campaign to help people struggling with their mortgage payments.
With around 1.4 million fixed rate deals due to end this year, there is growing concern that many mortgage holders will face crippling increases in their monthly outgoings.
One in five respondents to an FSA poll said they were worried about their repayments and a quarter of that group said they had no idea what to do.
"Economic conditions are getting tougher, putting pressure on family finances," said Chris Pond, FSA director of financial capability.
"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," he added. "Talk to your lender or get free, confidential debt advice."
Despite recent cuts in interest rates, someone coming off a fixed rate deal this month would likely see a significant rise in their repayments.
The credit crunch has made lenders more risk averse and they are demanding larger deposits and offering less attractive repayment rates as a result.
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