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02/05/2013
Concern Over 'Interest-Only' Mortgage Payments
More than half of those in Northern Ireland with interest-only mortgages will struggle to pay off the final lump sum.
Around 40% of mortgages in the region are interest-only, according to the BBC.
However, it is understood a number of people are now in negative equity due to the housing crash occurring faster in NI than its UK counterparts.
The average shortfall could be up to £72,000.
A large number of those on interest-only mortgages now face the prospect of a sudden, and large increase in payments as they start paying off the capital, when their mortgage term ends.
The figures were released after the Financial Conduct Authority (FCA) warned about interest-only mortgages, stating hundreds of thousands of people across the UK would struggle to clear their loans.
(JP/CD)
Around 40% of mortgages in the region are interest-only, according to the BBC.
However, it is understood a number of people are now in negative equity due to the housing crash occurring faster in NI than its UK counterparts.
The average shortfall could be up to £72,000.
A large number of those on interest-only mortgages now face the prospect of a sudden, and large increase in payments as they start paying off the capital, when their mortgage term ends.
The figures were released after the Financial Conduct Authority (FCA) warned about interest-only mortgages, stating hundreds of thousands of people across the UK would struggle to clear their loans.
(JP/CD)
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Northern Ireland WeatherToday:A dry day with long spells of sunshine for most, however eastern coasts will see rather more in the way of cloud at times, with just the risk of an odd light morning shower. Mainly light northerly winds. Maximum temperature 13 °C.Tonight:A fine end to the day with some evening sunshine. It remains dry overnight with a touch of frost possible in places, although cloud is expected to increase towards dawn. Minimum temperature 0 °C.
