Up to £300m in interest repayments could be saved by the thousands of retired homeowners who have released equity from their property if they decide to opt for a more affordable contract. In the past five years, interest rates on new equity release loans have dropped to about 6 percent from approximately 8 percent. Existing borrowers however have not benefited from this rate reduction because interest rates are fixed from the beginning and throughout the loan period. The brighter side of it ... Read More

The City watchdog reported lately that during the third quarter  of last year, the number of Britons who lost their homes almost doubled.     The Financial Services Authority revealed that the  said repossessions were 92 percent more than during the third quarter of 2007. From July to the end of September 2008, the number of properties repossessed reached a total of 13, 161.   A noticeable increase in the number of people who could not update their mortgage repayments was also seen. Behind with ... Read More