“Today’s FCA’s review offers an important insight into the size and nature of the problem borrowers on interest only mortgages may face when they come to the end of their mortgage deals. The research shows that just under half of all interest only borrowers set to repay their loans by 2020 may be left with a shortfall on their mortgage repayments and of those a third are expected to face a shortfall of £50,000 or more.
“It is absolutely imperative for mortgage holders on interest only deals to act now to assess their individual situation and to ensure they are taking action to tackle any potential shortfall. And it is important to look at all possible options, whether it is switching to a different type of mortgage, saving into an extra repayment vehicle or even down-sizing their property. These are significant decisions to make and we would encourage all mortgage holders to seek professional advice to ensure they are aware of their options and that they have them explained to them in detail, to be able to make the right decision for their individual needs. A whole of market financial adviser will be able to look at a borrower’s entire financial situation and they will be able to recommend the most suitable plan of action to ensure the mortgage demands are met. To find a whole of market financial or mortgage adviser go to www.unbiased.co.uk.”
ENDS
For more information contact:
Anna Schirmer/ Emily Falla/ Kate Aitchinson, Lansons Communications: 020 7294 3682
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Unbiased.co.uk is the UK's most comprehensive free professional adviser search website, focused on empowering users with the resources they need to make better informed financial and legal decisions. We not only help consumers and businesses find the best adviser for their needs from over 20,000 IFAs, financial advisers, mortgage advisers, solicitors and accountants listed on our search but we also help them research the market by providing relevant information and tools. At unbiased.co.uk we like to be transparent about what we do and aim to provide the easiest way for consumers to find and compare advisers meeting their requirements.
The unbiased.co.uk website launched in 1998 and rapidly became the UK’s leading online destination for consumers and businesses looking to find an adviser. Now attracting over one million visitors a year, unbiased.co.uk is the default adviser directory for consumer websites recommending their audience to ‘find an adviser’.
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Category: Homes & Property Tagged: mortgages
