New campaign for struggling homeowners

04-Mar-2008

The Financial Services Authority (FSA) is introducing a £2 million advertising campaign designed to help consumers make decisions concerning the right mortgage for them, which could be beneficial to first-time buyers.

With 1.4 million short-term fixed-rate mortgages due to end this year, the campaign is also focusing on people with fixed-rate or discount mortgages coming to the end of their deal.

Chris Pond, FSA director of financial capability, said: "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."

He added that those people who find themselves struggling with a property should not panic, but talk to their lenders or get "free, confidential debt advice", which may be reassuring to apprehensive first-time buyers.

The group recommends checking your budget and early planning as crucial factors in managing your mortgage.


FSA is an independent body that regulates the financial services industry in the UK.


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