PPI claims firms are setting their sights on interest-only mortgages, which are being lined up to be the next mis-selling scandal. According to the Observer, a multitude of claims companies are ready to launch TV advertising campaigns and make live websites aimed to raise awareness of the issue to individuals who have been potentially mis-sold their mortgage. With interest-only mortgages, the borrower does not pay off any capital on a property, they only meet the monthly interest payments. Once this mortgage expires, they are expected to have a repayment plan in place to pay it off. The concern is with individuals who do not have sufficient provisions to cover the capital, if they have any at all. Many are accusing banks and buildings societies for not making the correct checks before issuing the loans and there are hints that the mortgages could be banned outright. Property data firm Xit2 revealed that in the last ten years, more than 1.28 million interest-only only loans have been issued for home purchases where there has been no precise repayment plan.Charles BakerCharles is a reputed financial analyst with decades of experience under his belt.
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