Troubles ahead for those with interest-only mortgages

The Financial Conduct Authority, which is the regulator of borrowing, has reported that 50% of the 2.6million interest-only borrowers will have difficulty in clearing their loans following a shortfall of about £71,000. Many people believe it is just a matter of time before this “ticking time bomb” explodes.

The changes are becoming urgent and mortgage lenders are reiterating their position to their borrowers to take some

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