FSA Advice And Guidance
The FSA is launching an advice and information campaign for homeowners struggling with mortgage repayments. As the credit crisis continues to bite and prices continue to rise, mortgage holders are in need of somewhere simple to go for advice. This should help.
The Financial Services Authority (FSA) is launching an online advice and information campaign for homeowners struggling to meet their mortgage repayments.
The FSA is the independent watchdog for the finance industry, and it is attempting to help people through the credit crisis and rising prices with its guidance. There will be advice on how to keep on top of repayments and pointers for what to do if you slip into arrears.
Homeowners and buyers should welcome the news as they struggle through these difficult days and things may get even worse, as the latest forecast for the Bank of England base rate’s next move is upward. That could mean even higher mortgage repayments.
There are nearly a million and a half mortgage holders due to come off fixed-rate deals this year and they will be faced with higher repayments. These people will be well advised to check the FSA website.
Key advice is for mortgage holders to plan ahead; make a budget, including higher mortgage repayments. Where else could you make savings?
Another key message is to get ahead of the game. See your lender and mortgage broker sooner rather than later to see what they can offer you from the current market.
It is important not to fall behind on your mortgage payments. Make your mortgage repayments your most important outgoing. If you don’t pay them you may end up without a home, or with less chance of getting a mortgage in the future.
The FSA’s advice campaign also includes a comparison table of mortgages on offer, and a contact list of organisation’s who offer support to struggling homeowners.
Anyone who is in financial trouble with their mortgage should seek help sooner rather than later. Lenders may be able to offer alternatives to current mortgage arrangements for customers.
The FSA say their advice helps people plan for the best, but prepare for the worst.
