This revised estimate is much greater than previously thought by the Financial Conduct Authority (FCA).

Citizens Advice have stated that approximately 930,000 owners have no plan as to how they will pay back the money at the end of the mortgage term.

It warned that time was running out for some to organise their finances.

Individuals may face having to sell their home or even have the property repossessed by the bank if they are ultimately unable to resolve the problem, perhaps with alternative borrowing.

Millions of buyers were sold interest-only mortgages before rules were tightened up three years ago.

Without the need to pay back some of the loan each month on top of the interest, they could borrow more to buy their dream homes.  In hindsight in many cases these arrangements have proved risky and problematic.

Source: BBC Business News


If you are struggling with your mortgage and other debts, please do not hesitate to call us for a free consultation.