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Mortgage holders feel 'out-of-control'
04/03/2008
Solicitors in Belfast and Northern Ireland could be forced to pursue more mortgage holders for debt this year, as many admit that they feel out-of-control of their repayments.
According to the Financial Services Authority (FSA), one out of five people in Britain and Northern Ireland who have a mortgage are concerned about meeting their monthly repayments over the next year.
But this concern could quickly lead to solicitors in Belfast and Northern Ireland having to chase mortgage holders for debt, as a quarter of them said they had no strategy in place to raise the extra money.
But solicitors could see relieved homeowners getting out of this quandary if they follow advice published by the FSA.
The group is launching a £2 million campaign to help consumers in Belfast and Northern Ireland choose a suitable mortgage and stay in control of the repayments to be made on it.
Solicitors in Britain and Northern Ireland will see clients whose fixed rate or discount mortgage deals are coming to an end this year especially targeted by the campaign.
Chris Pond, FSA director of financial capability, said: "Economic conditions are getting tougher, putting pressure on family finances.
"Our new checklist sets out simple steps that homeowners can take to manage their money and mortgage in difficult times."
This 'stay in control of your mortgage' checklist is published on the FSA's Moneymadeclear website.
According to the Financial Services Authority (FSA), one out of five people in Britain and Northern Ireland who have a mortgage are concerned about meeting their monthly repayments over the next year.
But this concern could quickly lead to solicitors in Belfast and Northern Ireland having to chase mortgage holders for debt, as a quarter of them said they had no strategy in place to raise the extra money.
But solicitors could see relieved homeowners getting out of this quandary if they follow advice published by the FSA.
The group is launching a £2 million campaign to help consumers in Belfast and Northern Ireland choose a suitable mortgage and stay in control of the repayments to be made on it.
Solicitors in Britain and Northern Ireland will see clients whose fixed rate or discount mortgage deals are coming to an end this year especially targeted by the campaign.
Chris Pond, FSA director of financial capability, said: "Economic conditions are getting tougher, putting pressure on family finances.
"Our new checklist sets out simple steps that homeowners can take to manage their money and mortgage in difficult times."
This 'stay in control of your mortgage' checklist is published on the FSA's Moneymadeclear website.
www.wilson-nesbitt.com/services/property_residential
