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Interest-only mortgage warning

The City watchdog has warned that a quarter of a million homeowners with interest-only mortgages will be unable to pay off their mortgage at the end of its term.

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'FCA should look at mortgage mis-selling' says Which?

We're worried that a significant proportion of consumers say they did not know they needed a separate repayment plan on their interest-only mortgage.

We hope the FCA looks into this further to establish whether lenders made it completely clear to interest-only borrowers that they would need a repayment plan, to be sure that there wasn't widespread mis-selling.

– Richard Lloyd, executive director of consumer group Which?

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