FSA Launches Mortgage Info Site
A survey by the mortgage industry regulator suggests most consumers lack knowledge of mortgage features and jargon
26th October 2005
The Financial Services Authority (FSA), the mortgage industry regulator, has launched a new mortgages information website after a survey showed a widespread lack of knowledge of the subject among consumers.
The research commissioned by the FSA showed that 56% of first time buyers and mortgage-holders did not know what APR stood for or actually meant, while a similar amount didn't know what APR they were paying on their mortgage.
Mortgage product literature was also found to be confusing, with 36% admitting that they didn't understand at least half of the information their lender had supplied, and 65% felt daunted by the whole subject.
76% of first time buyers said that they would like greater access to impartial information and advice without jargon and sales tactics.
In reponse, the FSA has launched a new website that aims to explain the world of mortgages, 'stripped bare' of jargon. The new site forms the first stage of a £1.5m consumer campaign, with more to come next year.
Read More: FSA bares all in new mortgage website for consumers, MortgagesLaidBare.info
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