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The Masked Tulip

Less Than A Third Sitting On Potential Timebomb Interest-Only Mortgages Bother To Reply To Bank Warnings

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Less than a third sitting on potential timebomb interest-only mortgages bother to reply to bank warnings

Less than one third of interest-only mortgage holders whose home loans are set to mature before 2020 have responded to a wake-up call from lenders asking how they plan to repay their loans.

The Council of Mortgage Lenders revealed today that banks and building societies have now met a commitment they made a year ago to contact those with interest-only mortgages they will need to clear by 2020, amid fears some will be unable to repay their debt.

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More scare stories that won't happen. Most of these people are sitting on years of HPI their mortgages are trivial amounts of money that they could pay off tomorrow.But why would they bother, interest rates will stay low forever and even if the worst were to happen the government and banks will bail them out, after all we only wanted a home!

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