Warning on interest-only mortgages

Updated
PA
PA

%VIRTUAL-SkimlinksPromo%Less than one third of interest-only mortgage holders whose home loans are due to mature in the next six years have responded so far to a wake-up call from lenders amid fears that some will be unable to repay their debt.

The Council of Mortgage Lenders (CML) said banks and building societies have now met a commitment they gave a year ago to contact borrowers on interest-only mortgages whose deals are due to mature by the end of 2020 about how they plan to repay their loans.

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