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Interest only mortgage - can lender force change?
Comments
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Yes thanks for that T - evidenced by the withdrawal for new IO business by many.
With regards to existing mortgagors, it must also considered that FSA TCF regs must also be observed by the lender as part of any exercise, which is where the issues arise as discussed in MC's post
Holly0 -
holly_hobby wrote: »Yes thanks for that T - evidenced by the withdrawal for new IO business by many.
With regards to existing mortgagors, it must also considered that FSA TCF regs must also be observed by the lender as part of any exercise, which is where the issues arise as discussed in MC's post
Holly
I'm sure that there's further tightening to follow. As the number of interest only mortgages issued in the boom credit years are going to be a major problem in the years to come.0
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