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Homeowners Must Continue Repaying Their Mortgage |
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(25th September 2008)
Homeowners must continue to repay their mortgage despite the continued uncertainty in the financial markets, according to the Financial Services Authority FSA.
People with mortgage commitments have been reminded by the FSA that the loan is secured against their property and failure to repay it could result in repossession.
The FSA said: "To suggest otherwise, or even to pose the question at a time of such uncertainty without providing the facts to consumers - as some irresponsible bloggers have done - does not help anyone."
According to the Council of Mortgage Lenders, people having been asking if their mortgage is likely to become invalid as a result of turmoil in the financial markets, such as the collapse of the US investment bank Lehman Brothers.
But, the FSA has reminded borrowers that their mortgage would be unaffected even if the lender they were with collapsed.
Meanwhile, struggling lender Bradford & Bingley has renegotiated its deal with US investor GMAC-RFC, cutting the financial pressure on its mortgage book.
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News brought to you by Start Again Finance, specialists in bad credit mortgage advice, loans, credit cards, savings and insurance |
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