Less than 2% of new house purchase loans are now taken out on an interest-only basis
May 16, 2017
News from the CML, Council of Mortgage Lenders, showcase the decline of interest-only mortgages in the UK with now only 2% being them in 2017 which is a fair drop from what was approximately 40% in 2017.
“When we first started to collect this data in 2012, the regulatory concern was that interest-only loans may have less certainty of repayment at the end of term than repayment mortgages, and the size of the interest-only book meant that this could potentially be a large problem.” CML Website.
Full details can be read here: CML Website Interest-Only report.
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