Interest Only Mortgage Fears
12 April 2012
Whilst interest only mortgages may be cheaper at the moment due to the low interest rates and many homeowners changing from Capital to Interest Only repayments, in the long run economists fear that if interest rates dramatically increase or there is a further recession homeowners will not be able to afford the repayments. It is stated that Britain is in danger of a “zombie household” situation not dissimilar to that which happened in Japan in 1997 unless action is taken to help the homeowners meet their repayments and fix the banking system.
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