Consumers are once again being warned to keep their spending in check and remain in control of their mortgage expenses, “Aboutproperty” reported today. The Financial Services Authority (FSA) has increased its efforts to alert consumers to the danger – and ease – of falling into debt, and is attempting to help hard-pressed individuals stay financially afloat and avoid repossession.
The FSA’s beefed-up consumer campaign includes a checklist comprising three primary themes, reports Aboutproperty.co.uk. The first point urges consumers to examine their budgets and calculate how much disposable income they have each month, and to ensure that they’d have the means to cover their mortgage payments should instalments increase. The second point advises home owners to talk to their lenders about which deal they would qualify for, if and when their current deal comes to an end. Borrowers are encouraged to use the FSA’s impartial mortgage comparison charts to assess their options.
Lastly, the FSA explains that it is vital for borrowers to talk to their lenders or a debt advice agency should they fall into arrears on their mortgage repayments.
Speaking to “Aboutproperty”, FSA director of financial capability, Chris Pond, explained, “Our checklist helps people plan for the best but prepare for the worst. It is designed to help ensure that they have access to impartial information on what they can do to safeguard their home if things get tough. If the worst happens and people find that they are falling behind with their repayments, we have information that can help them act now.”
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