FSA launches mortgage advice website

27 October 2005
The Financial Services Authority (FSA) has launched a website geared towards helping home-buyers cut through the complications of choosing a mortgage.

A survey by the FSA also found that mortgage-holders and first-time buyers were baffled by confusing mortgage jargon.

According to the findings, over half of mortgage-holders and first-time buyers do not know what APR (annual percentage rate) stands for and over a third admitted they did not understand the literature given to them by their mortgage provider.

The website - mortgageslaidbare.info - includes a mortgage calculator so customers can work out how much they can afford for a mortgage, mortgage tables so that buyers can compare providers and a 'Firm Check' which allows users to check if the firm they are dealing with is authorised.

The £1.5 million advertising campaign involves naked cartoon people holding up cards with mortgage-speak on them to protect their modesty.

The FSA assumed regulatory responsibility for mortgages last year and says it wants to "help" consumers understand the complicated world of mortgages.


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