Interest-only borrowers still trapped by lack of mortgage products, says Aldermore

POSTED: 1st May 2014
IN: Newsroom

Commenting on the CML’s update on interest-only mortgages today, Charles Haresnape, Managing Director, Residential Mortgages at Aldermore says:

“It is good news that customers are taking appropriate actions to manage their interest-only mortgages, but it remains problematic for borrowers who are suited to interest-only new deals to find lenders willing to lend on that basis.

“Potentially hundreds of thousands of people are trapped on these mortgages with nowhere to go, since many lenders ran for the hills when the regulator took a tough stance on this.

“The reality is, these products are well suited to certain groups of homeowners and potential homeowners, such as junior doctors for example, who may be on a low income now, but have a high projected income in the future. We need more lenders to enter the interest-only market, to ensure consumers are getting sufficient choice and are made aware of all the options, when looking to remortgage.”


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