Website explaining the A to Z of mortgages, courtesy of the FSA |
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Published
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Wed, 26 Oct 2005 16:05
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The Financial Services Authority (FSA) has started a website that will explain everything about mortgages to people who have trouble understanding things like how mortgages work, how much APR they should pay, what is APR, etc.
The befuddling calculations and jargon used by mortgage providers usually leave a borrower with some doubt as to whether or not he made a right choice. The regulator FSA conducted a survey covering over 800 mortgage holders and found that 60 percent did not know what APR stood for. More than half did not know even how much APR they were paying.
Most people do not have a head for figures and even fewer understand the terminology used by banks and housing societies. The FSA’s website www.mortgageslaidbare.info is designed to help ease their worries as well as to help a first time buyer make a more informed decision about which provider to borrow from.
Besides explaining mortgage jargon, the site will also provide tips on shopping around for the best deal and comparative tables that show how much each provider is charging. It will also help the visitor calculate how much repayment he can afford.
For most people looking to buy their first house this site would truly serve as a comprehensive guide in making the right choice. A spokesperson said the FSA aimed to educate borrowers on the terminology used by providers and the effort was in line with its regulatory policy. It does not sell or recommend the services of any particular provider but provides “just the bare essentials, stripped of jargon” as its slogan says.
The website is part of a £1.5m effort by the regulator to educate consumers about mortgages.
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