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FSA: One in five homeowners have mortgage fears

04/03/2008

One in five mortgage holders are concerned about meeting their repayments in the next 12 months, according to a new survey.

But when asked how they would meet these costs, a quarter of them said they had no plans.

The Financial Services Authority (FSA) is launching a £2 million advertising campaign to help consumers make informed financial decisions and find the right mortgage for them.

It is especially focusing on people whose fixed rate or discount deals are coming to an end this year - 1.4 million short-term fixed rate mortgages are due to end in 2008.

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."

The FSA has published a 'stay in control of your mortgage' checklist on its Moneymadeclear website, to help people manage their mortgage in times of difficulty.

The government also said yesterday that the FSA will lead a two-year pilot project to test delivery of the UK's first national money guidance service, Pathfinder.