Monday, May 11, 2020

20,000 Borrowers With Interest-only Mortgages Maturing This Year are Over 65

More than 40,000 borrowers with regulated interest-only mortgages will reach the end of their term this year, owing an average £104,000, according to trade body UK Finance.

But almost half of these homeowners are over 65 and have more than £100,000 remaining on their mortgage.

It is the first of three significant waves of the loans maturing, as estimated by the Financial Conduct Authority (FCA).

Borrowers in this first wave of maturities typically took out the loan in the late 1980s or early 1990s, backed by an endowment policy, ISA or pension.

In total, around 60,000 interest-only mortgages will mature this year, including the 41,000 regulated contracts and 19,000 non-regulated contracts (mortgages as a product only became regulated from 2004).

 
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