Many years ago, after I bought my first property with an endowment mortgage, I met someone in the know, who warned me in his view that type of mortgage was being mis-sold. At least I had refused the interest only type, but he was predicting a likely short fall, 10 years before I heard anyone else. I took heed of his advice, switched to a repayment mortgage and now I own my own house. I was lucky.
It appears that 1.67 million UK people are still only paying the interest or part of the capital. That's 17.6% of all householders with a mortgage.
http://www.bbc.co.uk/news/business-42872432
Most still have between 10-14 years to find a way to actually buy their house, or else in effect they have been renting and on completing the mortgage, they still do not own their home.
"We are very concerned that a significant number of interest-only customers may not be able to repay the capital at the end of the mortgage and be at risk of losing their homes," said Jonathan Davidson, executive director of supervision at the FCA."
It appears that 1.67 million UK people are still only paying the interest or part of the capital. That's 17.6% of all householders with a mortgage.
http://www.bbc.co.uk/news/business-42872432
Most still have between 10-14 years to find a way to actually buy their house, or else in effect they have been renting and on completing the mortgage, they still do not own their home.
"We are very concerned that a significant number of interest-only customers may not be able to repay the capital at the end of the mortgage and be at risk of losing their homes," said Jonathan Davidson, executive director of supervision at the FCA."
via International Skeptics Forum http://ift.tt/2DOWmWm
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