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

May 18, 2018

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 in the past six years, with a particularly steep decline in higher loan-to-value mortgages, use mortgage advisors Belfast.

“Many borrowers continue to redeem ahead of schedule or switch to a repayment mortgage.

“However, there remains plenty more work to do over the coming years to ensure that those remaining borrowers who have so far been reluctant to engage have viable repayment plans in place.

“We continue to encourage all borrowers with interest-only mortgages to contact their lender as soon as possible, as the sooner they do so the more options will be available.

“UK Finance will also be developing new best practice for lenders in this area, to reflect the changing regulatory landscape and help the industry engage successfully with more borrowers.”

Read the UK Finance news release 17th May 2018 in full click here.

EAN Content

Content shared by this account is either news shared free by third parties or sponsored (paid for) content from third parties. Please be advised that links to third party websites are not endorsed by Estate Agent Networking - Please do your own research before committing to any third party business promoted on our website. As an Amazon Associate, I earn from qualifying purchases.

You May Also Enjoy

Breaking News

Five businesses expelled by The Property Ombudsman

Three estate agents and two letting agents have been expelled from The Property Ombudsman for failing to pay compensation awards to consumers. Prime Property Agents on Clarendon Street, Nottingham, failed to refund a buyer’s £7,200 reservation fee after a purchase fell through. The agent did not follow their own terms and conditions, failing to present…
Read More →
Estate Agent Talk

Live, Invest, Explore: London and Dubai for the Modern Property Buyer

In today’s globalised world, property buying is no longer confined to one’s home country. Modern investors are seeking destinations that combine strong real estate potential with a rich lifestyle experience—places where they can live, travel, and grow their wealth. Two cities continue to dominate the list of international property buyers: London and Dubai. Whether you’re…
Read More →
Breaking News

The impact of Trump on the UK property market

By Kevin Shaw, National Sales Managing Director, Leaders (an LRG company) The property market tends to thrive when the economy is strong and stable. Historically, economic uncertainty has negatively impacted house buying and selling, as people tend not to make big life changes and new investments when job security, the cost of living and political…
Read More →
Breaking News

Breaking Property News 16/06/25

Daily bite-sized proptech and property news in partnership with Proptech-X. Solving property asset compliance and maintenance issues How Symple transformed property management for the SME Group At SME Group, managing a varied portfolio of residential and commercial properties requires precision, compliance, and operational efficiency. As the Repairs, Maintenance & Compliance Coordinator, ensuring that all properties…
Read More →
Estate Agent Talk

The counties rivalling London’s prestigious housing market

England’s biggest postcode house price premiums New research from Yopa, the full-service estate agents, reveals that Northumberland, the West Midlands, and County Durham are home to some of England’s biggest postcode house price premiums, beating out competition from a number of the nation’s most luxurious markets including those found in Surrey and Buckinghamshire. Yopa has…
Read More →
Letting Agent Talk

Renters frustrated by delays and paperwork, but agents unfairly blamed

The latest analysis by Dwelly, one of the UK’s leading lettings acquisition and success planning experts, has found that almost a third of renters rate the process of finding a rental property as average at best, with the laborious process of completing paperwork and poor communication from letting agents ranking as the biggest pain points.…
Read More →