The Financial Services Authority has reported concerns that as many as 20% of mortgage payers could be struggling with payments over the next 12 months, yet many have no plans for how to cope. The concerns centre around mortgage payers who may recieve a 'rate shock' when existing fixed deals come to an end.
It has launched a £2m advertising campaign to help raise awareness about shopping around before deals come to an end. It has published a checklist of steps on it's website for homeowners, as it is feared that 1.4million mortgage payers could be hit by by monthly rises in mortgage repayments of up to 25%.
Impartial mortgage rate tables are available on many websites, whether you want to view possible changes or plan a new mortgage. There are still many good fixed rate mortgage deals to be had, as well as trackers, discounted and all of the usual variations.
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