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Loan claim: Lenders to contact interest only borrowers

Mortgage lenders have agreed to get in touch with holders of interest only deals.

They will be required to contact borrowers towards the end of their loan to encourage them to check their repayment plan and look into the options that are available to them.

This follows the publication of the Financial Conduct Authority’s (FCA) research into whether consumers can repay their interest only mortgages towards the end of their deal.

Interest only mortgages were particularly popular prior to the financial crisis. They allowed customers only to pay for the interest on their mortgages and pay the equity on their household when their loan came to the end of their terms.

However, there have been fears that many consumers will not be able to pay off their mortgage at the end of its deal.

The FCA found that almost half of all interest only borrowers will experience a shortfall when their loan matures.

Amir Hussain

Amir specialises in personal loans, consumer debt and debt management.ADNFCR-2776-ID-801580582-ADNFCR

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