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Concerns About Mortgage Payments In UK

One in five U.K. mortgage- holders are concerned about meeting their loan payments over the next 12 months, according to a survey done by Financial Services Authority. Additionally a quarter of these mortgage holders had no plans on how they would meet these costs, the FSA said as it launched a 2 mln stg advertising campaign to help consumers make informed financial decisions. Consumer confidence fell to a 13-year low in February as home prices declined and higher prices unsettled shoppers, according to a poll by GfK NOP Ltd. The UK economy and Housing market has entered a downward spiral, similar to which the US market has been experiencing, which is approximately a year ahead of the UK in terms of house prices trend. The collapse of the U.S. mortgage market triggered an increase in global borrowing costs. The world's largest banks have incurred $181 billion in writedowns for mortgage-related investments or associated losses. Mortgage approvals dropped to a nine-year low in January as banks restricted lending and the housing market weakened.

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