In response to growing concerns in the United Kingdom on the housing market, the FSA has started a new mortgages advice service. Currently, one in five Britons is concerned that they are going to lose their homes and 1.4 million homes may be up for foreclosure by the end of the year. “Economic conditions are getting tougher, putting pressure on family finances. As the UK’s financial watchdog we can help,” said Chris Pond, the director of financial capability with the FSA. “Our new checklist sets out simple steps that homeowners can take to manage their money and mortgage in difficult times. And for those who are really struggling, don’t panic. Talk to your lender or get free, confidential debt advice.”
This news comes on the heels of a recent study which revealed that 25% of those facing foreclosure have no idea how to get out of trouble. Repossessions are up dramatically, with 27,000 homes being foreclosed in 2007 and the numbers are expected to continue to rise. The FSA hopes that their free mortgages advice plan will assist homeowners in finding more options to keep their homes instead of just acquiescing to foreclosure.
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