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One in five worried over mortgage repayments
05 March 2008
Fears of a difficult economic climate have left one in five Britons confessing to being concerned over meeting their mortgage repayments in the next 12 months, according to the Financial Services Authority (FSA).
The Government's financial services watchdog yesterday released a £2 million advertising campaign to ease the worries of homeowners and offer advice for those feeling the pinch.
The FSA said that 1.4 million Britons who have fixed rate mortgages will revert to a higher rate in 2008 when their fixed period ends, and it wants those holders to consider a plan now about how they will meet those increased costs.
Chris Pond, FSA director of financial capability, said that his organisation was there to help struggling borrowers with advice and offered a simple checklist to help manage mortgages.
"Economic conditions are getting tougher, putting pressure on family finances and for those who are really struggling, don't panic. Talk to your lender or get free, confidential debt advice," he advised.
Recent cuts to base interest rates have not uniformly been passed onto borrowers because of the increased difficulties of banks obtaining short term finance on international money markets. 
