Local charity Housing Rights is urging homeowners with interest only mortgages who do not have a repayment plan in place to contact them for free advice.
The call comes on the back of concerns expressed by the Financial Conduct Authority (FCA) that a significant number of interest only customers may not be able to repay the capital at the end of their mortgage. According to the FCA nearly one in five mortgage customers have an interest only mortgage.
Ursula Toner, Advice Services Manager with Housing Rights, commented:
