I'm surprised nobody else has mentioned the following:
The housing stock in the UK is approximately 22 million.
According to that article there were 7.5 million IO mortgages in 2004, and 12.4 million IO mortgages now.
That seems to me that around 50% of ALL houses in the UK are IO. As a percentage of mortgages that will be even higher as many homes are owned outright. 5 million, or approx 25% of the housing stock is backing an IO mortgage taken out since 2004!
Am I missing something here, or is this just REALLY scary?
NDL