Interest-only mortgage timebomb is ticking, how bad is yours? | Mail Online
Do you have an extra £500 a month spare to spend on your mortgage?
That is the kind of the potential rude awakening that awaits millions of homeowners with interest-only mortgages the next time that they want to move home or remortgage.
Many of them will be blissfully unaware that their personal interest-only mortgage timebomb exists.
It will only be when their bank or building society tells them they cannot have another loan unless they move from an interest-only to repayment mortgage and then lays out the sums involved that the pain will hit home.
That bad news is going to hit even more borrowers, now that Nationwide has become the latest big mortgage lender to use a sledgehammer to crack a nut and bar new interest-only mortgages.
After already making it much tougher to borrow interest-only earlier this year – limiting it to those borrowing less than 50 per cent of a property’s value – it has now stopped new interest-only borrowing altogether.
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