A BBC News report, 4th September 2015, show that according to Citizens Advice, nearly a million homeowners have no way of paying off their mortgages because they opted for interest-only loans.
Although this issue is not so widely reported on, the new figure is much higher than previous estimates from lenders and from the City watchdog, the Financial Conduct Authority (FCA).
According to the Citizens Advice report, 934,000 owners do not have a plan for how to raise the funds to pay back the outstanding balance at the end of the mortgage term. The report warned that time is running out for some owners to organise their finances.
These individuals may be faced with the prospect of having to sell their homes or even have the property repossessed if they were unable to find other funds, the charity said.
Source: BBC News