When someone takes out an interest-only mortgage, their monthly repayments will cover only the interest on the mortgage. This means they’ll need a way to pay off the capital – the actual money they’ve borrowed – when their mortgage term comes to an end.
We hear from people who don’t think they’ll be able to pay off the capital. Some people are unhappy their lender won’t give them more time to make arrangements to pay off the capital. Others feel that interest-only wasn’t the right option in the first place.
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