A campaign designed to help consumers who may be worried about meeting their mortgage repayments has been launched by the FSA.
According to the regulator, one in five mortgage holders are concerned about meeting their mortgage repayments, with a quarter having no plans to meet rising costs.
The £2m campaign will focus on those whose fixed-rate and discount mortgage deals are coming to an end this year, helping them make informed decisions about which mortgage is right for their situation.
The FSA says 1.4m short-term fixed rate mortgage are due to end in 2008, meaning many consumers will be seeking help to continue financing their home.
Chris Pond, FSA director of financial capability, says: “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.”
As part of the campaign, the regulator has published a checklist on its Moneymadeclear website, to help people to stay in control of their mortgage and encouraging them to speak to their lender if they get into difficulty.
The news comes as the FSA begins a two-year pilot project to deliver the UK’s first national money guidance service, following the recommendations of the Thoresen Review of Generic Financial Advice.
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