The FCA has urged borrowers without a repayment plan to talk to their lender
The FCA urged borrowers without a repayment plan to talk to their lender.
“The amount you’ll owe the lender remains the same with an interest only loan at the end of the term.” “If the value of the asset decreases and the borrower is not paying down the principle loan there is a much higher risk of owing more on the mortgage than the asset is worth meaning potential for negative equity is rife.”
However around 195,000 of the one million people still on interest-only mortgages are “locked in” to their current lender. Known as “mortgage prisoners”, these borrowers typically took out a mortgage before the 2008 financial crash when lending rules were more relaxed. “They’re now trapped on pricey mortgage deals unable to switch to cheaper ones mainly because they don’t pass current strict affordability tests,” said Mr Mendes.
Belgique Dernières Nouvelles, Belgique Actualités
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