Jun
27

Interest-only mortgages down 13%

UK Finance recently released data for 2018 that demonstrated a 13% decrease in the stock of outstanding interest-only mortgages to under 1.5 million loans. The reduction is partly a result of the loans coming to the end of term with borrowers redeeming on schedule and from redemptions ahead of original mortgage term. This latter reason is, according to UK Finance,  in large part due to the industry’s commitment to contact all interest-only customers to ensure they are aware of the need to repay – and have the viable means to do so. Read more here.