NI mortgage borrowers urged to seek advice to avoid interest only timebomb

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:

“Many borrowers in Northern Ireland have interest only mortgages. We would encourage anyone who may be worried about repaying their mortgage to get in touch with their lender and to contact us for free specialist advice.”

Ms Toner continued:

“Whether you’re coming to the end of your mortgage or just keen to find out your options we can help. Our advisers look at peoples individual circumstances and come up with a range of solutions that are right for them The earlier you get advice the more doors are open.”

Housing Rights operates a daily housing helpline that can provide advice to borrowers who are worried.  Call 9024 5640 and choose option 4 to speak a mortgage debt adviser. Phone lines are open between 09:30 and 16:30 Monday to Friday.

ENDS

Notes to editors:
For further information contact Frances at Housing Rights on 90 267925

Spokespersons will be available for comment

1. In 2016/2017 Housing Rights  helped over 11,500 people deal with over 42,000 issues related to housing.
2. The charity also provided free legal representation to over 900 people