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Fixed-rate mortgage holders struggle to meet repayments

04/03/2008

A recent survey indicated that one in five mortgage holders struggle to meet fixed rate mortgage repayments, therefore a £2 million advice campaign has just been launched.

The Financial Services Authority (FSA) are aiming for homeowners currently on fixed-rate or discount mortgage deals.

FSA member, Chris Pond stated that economic aid conditions were becoming difficult, this leading pressure on finances.

He spoke: "As the UK's financial watchdog we can help. Our new checklist sets out simple steps homeowners can take to manage their money and mortgage in difficult times. For those who are really struggling, don’t panic. Talk to your lender or get free confidential financial advice."

Analysing FSA's 'Stay in control of your mortgage' checklist indicates struggling mortgage-holders to keep to their budget and plan for the worst, one being ‘If repayments started to increase’.

The checklist simply gives borrowers a guidence and more options with their lender. Generally people can get behind making repayments on time, the advice is not to worry but to appoint an independent debt advice agency.


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