FSA's checklist is 'common sense'

05-Mar-2008

First-time buyers may want to note that the 'stay in control of your mortgage ' checklist which has been drawn up by the Financial Service Authority (FSA) has been deemed common sense by experts.

Moneysupermarket has stated that the FAS should be 'applauded' for actively helping people with their mortgage decisions, but that borrowers should already be aware of the advice given if they are seriously considering a mortgage.

According to Moneysupermarket and the FSA, any buyer should only take on a property deal they are sure they can afford, research their options thoroughly and seek professional help as soon as they start to struggle.

"However, if consumers are to be encouraged to take these crucial steps when arranging and maintaining their mortgage, it's vital the industry supports them," a spokesperson said.

The group states that it is the "responsibility" of lenders and advisors to ensure that borrowers are fully aware of such issues and that they should look after homeowners' interests in what could be a trying year.

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