The Times - How to navigate the interest-only mortgage minefield
The Times reports that one in five mortgage holders has it on interest-only and many are likely to struggle to repay the debt at the end of its term.
It also highlights that the Financial Conduct Authority says about 10 per cent of people with these loans does not have a repayment strategy.
Aaron Strutt, product director at Trinity Financial, told The Times that finding a new mortgage can be challenging. He said: “The issue is that the acceptance criteria can change significantly.”
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