springhill group korea, seoul: ING Rethinking Insurance Unit SALE and 3 HOT Stocks Moving the Market
Borrowers with interest-only mortgages have been urged to seek advice after a leading banker raised concerns over the number of people struggling to repay their loans.
New Barclays chief executive Anthony Jenkins predicted this week that interest-only mortgages may be the next big mis-selling scandal. He identified the loans as a likely source of future complaints and said the bank, which has a large chunk of interest-only loans on its books, had already seen thousands of borrowers with problems repaying their capital. Industry experts have been expressing fears for some time over the number of people with interest-only mortgages but with no viable means of repaying their capital at the end of the term. Interest-only loans work by letting the borrower pay the interest first and clear the actual capital at the end of the term. They sold in massive numbers during the housing market boom, when homeowners and lenders were confident that house prices would continue soaring and enable capital to be repaid with sale proceeds. » springhill group korea, seoul: ING Rethinking Insurance Unit SALE and 3 HOT Stocks Moving the Market |
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