The Financial Services Authority (FSA) is advising consumers to be “cautious” about products that offer a “no cost” way of generating income from their homes. One such product brought to the attention of the regulator is called Crossroads, which claims that it pays homeowners an annual income of 5% based on 50% of the value [...]
homeowners
Borrowers pay back more of their mortgages
Homeowners appear to be taking advantage of low interest rates after Bank of England figures showed borrowers paid a record £24 billion last year. According to the Bank, homeowners paid back more than £24 billion to lenders last year – the highest since records began in 1970. Meanwhile, £7 billion was paid back in the [...]
Interest rates to “normalise” at around 5%
The UK’s homeowners should begin to prepare for higher interest rates, a Bank of England official has warned.
In an interview with The Daily Telegraph, the bank’s executive director for markets, Paul Fisher, stated that rates need to return to a “normalised” position of around 5%.
Mr Fisher, who is a member of the Bank’s rate-setting Monetary [...]
