Contraction in Interest Only Mortgages

As an IFA and Mortgage Broker in London I have known about the huge contraction in interest only mortgages mentioned in the following article I believe the FSA has been very cruel towards those people who took out interest only mortgages with a small deposit a few years ago when the rules were different. As this article states many people will be put off moving as they will not be able to get an equivalent mortgage unless their mortgage contract allows the mortgage to be ported from one property to the next. What a pity they did not act 12 years ago. I predict that this will cause many people a lot of misery.

This information is intended to provide a general review of certain topics and its purpose is to inform but not to recommend or support any specific investment or course of action. The tips may not apply, or be suitable, to everyone and you should contact us for advice if you are unsure whether this is the case.