The guide shows that if people find that a change in circumstances has made it difficult for them to meet their mortgage repayments, they shouldn’t panic but they should act immediately. Lenders will be able to offer options and there are also free debt advice agencies available.
If consumers are having trouble making their mortgage repayments, the guide urges them to contact their mortgage lender or speak to their adviser as soon as possible to discuss their difficulties. Letting them know why they can’t pay their mortgage and telling them what they are doing about it, will make it easier for mortgage lenders to consider their customers’ circumstances – they will have procedures for dealing with such cases and will allow customers to find out if they can provide any help.
Some advice agencies specialise in money problems – they can give free and independent advice to help consumers plan and solve their problems.
The FSA's www.moneymadeclear.fsa.gov.uk site also contains interactive mortgage tools including a budget calculator and mortgage calculator to help people review their finances and know what they can afford, and impartial comparison tables to compare the costs and features of different mortgages. It forms part of the FSA’s National Strategy for Financial Capability which aims to find ways to improve the nation’s understanding of personal finance.
