What the papers say - 28th January 2009

What the papers say - 28th January 2009

The Daily Mail reports that homeowners may be able to save thousands of pounds by leaving their current fixed rate early and switching to a lower rate, even if this involves paying an Early Repayment Charge. Recent rate cuts have seen 2 year fixes fall below the 4% mark, so for many it is worth considering. The benefits will depend on the size of the mortgage, the remaining time on the current deal, and the penalty to be paid for leaving. London & Country provide a link to their website calculator to help borrowers decide.

Elsewhere the Daily Mirror examines the plight of homeowners who took one of the controversial Shared Appreciation Mortgages in the late 1990s. Whilst these deals offered low rates initially, they also gave the lender the right to up to 75% of any increase in value, which has left many borrowers with no equity. Legal action is now being sought by many of those affected.

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