26 October 2005
Customers looking to take out housing loans have been given a tonic today with the launch of a new information-providing mortgage website.
The new site, operated by the Financial Services Authority (FSA) is designed to bring together existing tools and resources about mortgages, and goes live at the same time as worrying results about consumers' understanding of house-purchasing loans are released.
Research commissioned by the FSA suggests that 56 per cent of first-time buyers and mortgage holders are unaware of what APR (Annual Percentage Rate) stands for, and 52 per cent do not know what their own APR is. Additionally, 76 per cent would welcome additional, impartial information concerning mortgages.
David Whiteley, spokesman for the FSA, told BBC News: "It used to be the case that consumers would be offered one type of mortgage by their bank or building society... these days there are so many different types of mortgages available, all with their own jargon.
"Mortgage choice is a good thing but consumers need to arm themselves with more knowledge, this is where the website comes in."
The website – branded "No selling. Just the bare essentials, stripped of jargon" – can be found at www.mortgageslaidbare.info.
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