City watchdog offers mortgage helpFSA warns of big hikes on fixed rate deals

04 March 2008

House moneybox

Paying off your mortgage means you get a guaranteed return on your money

The City watchdog has launched a £2 million advertising campaign offering help to people worried about their mortgage.

The campaign aims to raise awareness among the estimated 1.4 million people whose fixed-rate deals end this year that they could face big hikes in their repayments.

It also offers general help to people remortgaging and advice for those who are struggling with their home loan.

Repayment worries

Research carried out by the Financial Services Authority (FSA) found that one in five people with a mortgage are concerned about how they are going to meet repayments during the next 12 months.

But despite their concern, 24% of people admitted they had not made any plans about how they would cope.

The FSA has published a 'stay in control of your mortgage' checklist on its website.

Budget

It advises homeowners to check their budgets and think about how they would cope if their mortgage payments increased significantly.

Chris Pond, FSA director of financial capability, said: 'Economic conditions are getting tougher, putting pressure on family finances. 

'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 mortgage checklist is also available by calling 0845 606 1234.

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