Interest-only mortgage fears raised

‘The FSA will report in the next few weeks that Britain is facing a “crunch” period from 2017 as the rise in interest-only mortgages over the boom years raises the prospect of people losing their homes.

Of existing mortgages 40% are interest only, however, the FSA is preparing to rule that there has not been widespread abuse or mis-selling of the products.

The ruling will mark a shift in the debate over the relationship between banks and their customers as it will signal that the watchdog believes in the principle of “buyer beware”.

The FSA believes that unlike PPI, most people understand the difference between interest-only and repayment mortgages.’

Source: The Times

NICOLA HALL

BILSHAN MENSAH

Sam Inkersole

In 2022, Sam won the Taxation’s Rising Star award at the Taxation Awards in and was named in the Accountancy Age 35 Under 35.

Jon Wedge

While Jon’s client work focuses on the financial services sector, he also oversees the firm’s assurance service, as well as supporting the trainees following in his footsteps.

ELANA DIMMER

Elana joined us in 2017 as an ACA trainee, after graduating from Durham University where she had studied languages. She is now a manager in our assurance team.

ENQUIRY FORM

By submitting this form, the data provided will be used to perform your request according to our privacy policy.