Nearly a million homeowners have no way of paying off
their mortgages because they opted for interest-only loans, according to
Citizens Advice. The new figure is much higher than previous estimates from lenders
and from the City watchdog, the Financial Conduct Authority (FCA). Citizens Advice said 934,000 owners did not have a plan
for how to pay back the money at the end of the mortgage term. It warned that
time was running out for some to organise their finances. They faced having to sell their homes or even have the
property repossessed if they were unable to find other funds, the charity said.
Read more on the BBC website.
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