According to a survey by the Financial Services Authority (FSA), almost a fifth of mortgage payers are worried about their ability to meet repayments in the next twelve months, and a quarter of these have no plans in place to deal with the situation.

Although the survey was from a small sample of just 573 mortgage holders, the FSA has taken the results seriously enough to plan the launch of a £2 million advertising campaign and an advice guide.

Many fixed rate mortgage deals are coming to an end this year, and mortgage holders may find they are unable to find a new deal at similar interest rates. This is because many mortgage products have been withdrawn by lenders as a result of the global credit crisis.

It is this group of  people on expiring fixed rate mortgages which is causing most concern to the FSA, and they will be targeted by the new campaign.

The new guide will suggest that people budget properly, and consider ways to make savings well ahead of their mortgage deal expiring.

Meanwhile, in a seperate report carried out for the supermarket firm Asda, it has been stated that the average family is about £5 per week worse off than this time last year because of increased food and fuel costs. 

This entry was posted on Wednesday, March 5th, 2008 at 10:21 am and is filed under General Debt News, Mortgage Debt. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.