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Two million borrowers face losing homes

Wednesday 31 May 2017

Two million borrowers face losing homes:

Victims of the pre-crash mania for interest-only mortgages struggling to repay the cash.
It is the legacy of years of irresponsible lending by banks and homeowners burdening themselves with debt they can't repay.
Northern Rock's call for help from the Bank of England was a landmark for the mortgage industry.

The self-employed — particularly those who have recently gone it alone — are stranded as specialist deals for them have been pulled.
Many homeowners have become 'mortgage prisoners' and are stuck on costly interest rates because their lender won't let them switch.
And first-time buyers are having to find enormous deposits to stand a chance of getting a mortgage.

The catch is that at the end of your mortgage term you must repay the sum you originally borrowed.
Of the 1.9 million people with interest-only mortgages, thousands are expected to have no way of repaying the money when the term ends.
It is predicted around 30,000 borrowers with loans ending within the next two years will owe at least 75 per cent of the value of their homes.

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