RSS FeedsMarket causes fear for mortgage owners
05/03/2008
According to a recent survey mortgage owners are worried about not being able to pay there mortgage repayments. The study undertaken by the FSA highlights the impact of the well discussed 1.4 million fixed rate mortgages that are set to move over to increased rate of interest.
Around a fifth of current UK mortgage owners will feel the pinch and fear that they are concerned about how they will keep up with their payments. Many will be forced to take heed of their personal outgoings with the possibility of burdening themselves with additional loans.
Chris Pond the Director of Financial capability for the FSA commented ``Economic conditions are getting tougher, putting pressure on family finances,'' the market was also advised that a 2 million pound campaign targeted at homeowners will be launched to assist with repayment management.
The UK market unfortunately seems unprepared for the changing times ahead and programmes such as this will provide hope and assistance for the uneducated. It seems as though that many people are not armed with the confidence to make the informed decisions necessary.
In contrast the Bank of England suggests that increased mortgage defaults would only be seen if figures for unemployment and interest rates increased.