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| One in five 'have mortgage fears' | One in five 'have mortgage fears' |
| (about 5 hours later) | |
| One in five mortgage holders are worried about meeting their repayments in the next 12 months, according to the Financial Services Authority (FSA). | One in five mortgage holders are worried about meeting their repayments in the next 12 months, according to the Financial Services Authority (FSA). |
| And a quarter of those do not have any plans for dealing with the issue, the poll for the financial regulator found. | And a quarter of those do not have any plans for dealing with the issue, the poll for the financial regulator found. |
| The survey was small, with just 573 people with a mortgage giving answers. | The survey was small, with just 573 people with a mortgage giving answers. |
| But the FSA is sufficiently concerned about the situation that it is launching a £2m advertising campaign and an advice guide for homeowners. | But the FSA is sufficiently concerned about the situation that it is launching a £2m advertising campaign and an advice guide for homeowners. |
| The FSA is concentrating its campaign on householders whose fixed-rate deals are coming to an end this year. | The FSA is concentrating its campaign on householders whose fixed-rate deals are coming to an end this year. |
| Rising repossessions | Rising repossessions |
| "Economic conditions are getting tougher, putting pressure on family finances," said Chris Pond, FSA director of financial capability. | "Economic conditions are getting tougher, putting pressure on family finances," said Chris Pond, FSA director of financial capability. |
| The poll of 2,011 people aged over 16, of whom 573 were mortgage holders, found that 19% of those asked were concerned about meeting the cost of their mortgage repayments. | The poll of 2,011 people aged over 16, of whom 573 were mortgage holders, found that 19% of those asked were concerned about meeting the cost of their mortgage repayments. |
| Last month, the Council of Mortgage Lenders (CML) said repossessions rose by 21% in 2007 to 27,100 homes, the highest figure since 1999. | Last month, the Council of Mortgage Lenders (CML) said repossessions rose by 21% in 2007 to 27,100 homes, the highest figure since 1999. |
| It also said the numbers of mortgages behind on payments rose by 8.6% compared with 2006. | It also said the numbers of mortgages behind on payments rose by 8.6% compared with 2006. |
| The CML expects the number of homes taken over by lenders to rise further in 2008, as the credit squeeze continues to tighten. | The CML expects the number of homes taken over by lenders to rise further in 2008, as the credit squeeze continues to tighten. |
| Meanwhile, a separate study, by the Centre for Economics and Business Research for Asda, suggested that families were £5 a week worse off this January compared with a year ago because of rising petrol and food costs. | Meanwhile, a separate study, by the Centre for Economics and Business Research for Asda, suggested that families were £5 a week worse off this January compared with a year ago because of rising petrol and food costs. |
| New guide | New guide |
| The FSA has published a new guide to help people manage their mortgage in preparation for some difficult times. | The FSA has published a new guide to help people manage their mortgage in preparation for some difficult times. |
| We appreciated that it was a risk to borrow more than the value of the property Hannah Al-Rifai, Mortgage holder Q&A: Mortgage squeeze | We appreciated that it was a risk to borrow more than the value of the property Hannah Al-Rifai, Mortgage holder Q&A: Mortgage squeeze |
| The checklist suggests that people check their budgets and think about how they would cope if their mortgage payments increased significantly. | The checklist suggests that people check their budgets and think about how they would cope if their mortgage payments increased significantly. |
| It also advises that homeowners start looking at their options well in advance of their current deal coming to a close. | It also advises that homeowners start looking at their options well in advance of their current deal coming to a close. |
| For those already seriously struggling, it says that they should not panic but should talk to their lender and seek free, confidential advice from an independent debt advice agency. | For those already seriously struggling, it says that they should not panic but should talk to their lender and seek free, confidential advice from an independent debt advice agency. |
| Have you been affected by the issues in this story? Are you concerned about meeting your mortgage repayments? Send us your comments using the form below. | |