UK FINANCE REVEALS NUMBER OF INTEREST-ONLY MORTGAGES HALVES IN SIX YEARS

The number of interest-only mortgages has almost halved in the past six years, UK Finance figures reveal. There are currently 1.7 million outstanding interest-only mortgages (including partial interest-only), down 46 per cent since 2012. Commenting on the data, Jackie Bennett, Director of Mortgages at UK Finance, said: “The number of outstanding interest-only loans has halved…

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Interest-only mortgage holders at risk of losing their homes.

Recent press release from the Financial Conduct Authority (FCA) published 30th January 2018 headlines ‘FCA urges action on interest-only mortgages.’ Home owners with interest-only mortgages are being urged to contact their lenders to discuss their repayment options , the FCA  found that many people have not talked to their lender on this matter. The City…

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