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FSA tackles 'mortgage fears' among householders

Many Britons fear that they will not be able to make their home loan repayments over the next year, the Financial Services Authority (FSA) said today.

According to the regulator, one in five homeowners worry about defaulting on their loans - and around a quarter of this total has no plans to do something about these fears.

As a result, the FSA is launching an advertising campaign on the issue, pointing out to householders that they can survive financially through better budgeting.

A particular pressure point for many householders is the recent rise in cost of household bills.

Gas and electricity prices have risen by around 15 per cent for many customers on general plans - and food is also increasing in cost due to global wheat and grain shortages.

Chris Pond, FSA director of financial capability, commented: "Economic conditions are getting tougher, putting pressure on family finances; as the UK's financial watchdog we can help.

"For those who are really struggling, don't panic. Talk to your lender or get free, confidential debt advice."

Just under 600 mortgage holders were questioned by the FSA for its study.

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