Important news about interest-only mortgages
02 May, 2013
Lots in the news today about interest-only mortgages. The Financial Conduct Authority has published its research into consumers’ ability to repay these mortgages when they mature.
The findings show that many people should be in a good position to repay their mortgage when it is due for repayment.
However many borrowers, particularly those whose mortgage is due to be repaid before 2020, will need to take control of their mortgage repayment planning now.
As a result, the FCA, Council of Mortgage Lenders and the Building Societies Association are working together to ensure lenders contact their borrowers in order to prompt them into checking their plan for repayment is on track and considering the options available to them.