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Mortgage holders are choosing interest-only packages without firm plans on how to repay the capital in the long term.
The FSA has revealed how the financial crisis and post-recession climate has affected mortgage repayments.
Almost 30,000 home owners have transferred their mortgage repayment plans into interest-only deals to reduce their monthly instalments and cover the cost of living.
Statistics from the Financial Services Authority (FSA) highlight that over £60 billion of mortgage debt has been moved across to the more affordable interest-only option as families struggle to cope with rising inflation and stagnant wages.
Mortgage holders are choosing interest-only packages without firm plans on how to repay the capital in the long term.
The FSA has revealed how the financial crisis and post-recession climate has affected mortgage repayments.
Almost 30,000 home owners have transferred their mortgage repayment plans into interest-only deals to reduce their monthly instalments and cover the cost of living.
Statistics from the Financial Services Authority (FSA) highlight that over £60 billion of mortgage debt has been moved across to the more affordable interest-only option as families struggle to cope with rising inflation and stagnant wages.
May 31st, 2011
Retirement planning is lost on thousands of Britons.
A fifth of current workers will rely on state pension.
Half of British workers feel they will be worse off in retirement than their parents. However, many people are failing to counteract the growing problem, according to a new HSBC report.
The lender's study called 'The Future of Retirement: The power of planning' found that Britons are aware that they have longer life expectancies than previous generations and that the state pension will not be able to cover their needs. Despite this they are not making the right plans to sufficiently fund their retirement.
May 30th, 2011
Customer complaints were unfairly rejected by the Bank of Scotland.
Consumers who deserve compensation will be notified by the bank.
The Bank of Scotland has been fined £3.5 million by the Financial Services Authority (FSA) for mishandling customer complaints and will have to provide £17 million in compensation to affected consumers.
The penalty was imposed on Wednesday after the FSA concluded that the lender had rejected many complaints that should have been upheld - 45% of the 2,592 complaints that were lodged should have been maintained.
The customer grievances covered five ...
May 29th, 2011
Retirees are saving less for their future.
People are setting aside less cash to fund their twilight years.
A fifth of British workers nearing retirement have cut their pension savings by an average £342 a month, a report from online insurer LV= has shown.
The figure equates to a loss of £4,104 a year and £11 billion in total nationwide, which is double the fall in pension contributions recorded in 2009 and slightly higher than 2010 losses.
May 28th, 2011
