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FSA website to help you find a mortgage

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People who are looking to find a mortgage but do not fully understand the mortgage market could now benefit from a new website launched by the Financial Services Authority (FSA).

The mortgage website claims to offer unbiased mortgage information free of complicated industry-related terminology to explain mortgages .

The launch of the mortgage website comes after it was revealed that 56 per cent of first time buyers and mortgage holders do not know that APR stands for annual percentage rate.

New and existing mortgage tools and resources offered by the FSA, like mortgage calculators and comparison tables, will be available on the watchdog's website .

Marking a year since the FSA started regulating the mortgage industry, it conducted research that revealed 36 per cent of mortgage holders fail to understand at least half of their mortgage product literature.

More than three-quarters of first-time buyers said they would like to have access to more impartial mortgage information when they try to find a mortgage .

First time buyers are hesitant about getting on the property ladder and 65 per cent of them admit the thought of taking out a mortgage is daunting.

The FSA is currently running a Mortgages Laid Bare promotional campaign to introduce UK consumers to jargon-free mortgages .

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