Thursday, May 2, 2013

Financial Conduct Authority says 1.3m people won’t be able to pay of all capital at end of term

FCA warns on interest-only mortgage "ticking timebomb"

The Financial Conduct Authority (FCA) is warning that homeowners with an interest-only mortgage face a huge shortfall when it comes to paying off the capital balance on their homes. The FCA says that almost half of the 2.6 million people who have an interest-only mortgage will not be able to pay off all of the money they owe at the end of their mortgage term with the average debt expected to be in the region of £72,000.

Posted by ben @ 11:38 AM (1511 views)
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One thought on “Financial Conduct Authority says 1.3m people won’t be able to pay of all capital at end of term

  • stillthinking says:

    Thats another penny for hearing that towards my millionaire status.

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