The level of interest-only mortgages is reducing, but more work is to be done to protect home owners from being unable to pay.
Interest-only arrangements mean that borrowers pay the loan capital when the term ends, not during. Consequently the original amount borrowed isn’t reducing, which can leave borrowers with financial problems later
At the end of 2014, there were about 2.4 million outstanding home loans of this type, the Council of Mortgage Lenders (CML) said. Although this was nearly 500,000 less than a year earlier.
Source BBC Business News
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