Homebuying: Millions of borrowers have no way to repay their mortgage

iStock_000001437287XSmallA new report from the Financial Conduct Authority (FCA), has laid bare the extent of the interest-only mortgage crisis facing millions of UK homeowners. The FCA, who recently took over from the Financial Services Authority (FSA), has found around half of the 2.6 million interest-only mortgage holders in the UK have no way of repaying the debt at the end of their mortgage term. The research which was conducted by GfK NOP and question over a 1,000 interest-only mortgage holders, found the average shortfall was £71,000....

Housing & mortgage round up: Mortgage lending falls, whilst lenders call for ban on Interest Only mortgage

Housing & mortgage round upMortgage approvals fell significantly last month whilst some lenders call for a ban on Interest Only mortgages. At the same time there are signs of life in the government’s NewBuy mortgage scheme. Mortgage lending falls 19% in April Latest figures show that £10 billion was lent to mortgage borrowers in April, higher than the same time last year but down 19% on March....