Deals still of interest
INTEREST-ONLY mortgages can still be a good choice for some borrowers, despite such deals increasingly becoming seen as niche products, a lending body has said.
The Council of Mortgage Lenders (CML) said that despite their general decline, interest-only deals remained the norm for buy-to-let borrowers and could also help people with a firm plan to pay the loan back.
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At the peak of their popularity in the late 1980s, interest-only mortgages accounted for more than 80 per cent of loans taken out, but this year lenders are likely to advance 40,000 new interest-only loans for home purchase, less than 10 per cent of the total.
Interest-only mortgages allow borrowers to pay off the capital only when the mortgage term ends, enabling them to maximise their borrowing capacity, but they have become much more thin on the ground since the boom years amid concerns about people not being able to pay back their debt.
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