FCA report into interest-only mortgages

02 May 2013

Peter Williams, Executive Director of the Intermediary Mortgage Lenders Association (IMLA), comments on the Financial Conduct Authority (FCA) report into interest-only mortgages

“By confirming that nine in every ten interest-only (IO) borrowers have a repayment strategy in place, the FCA’s research should put an end to misguided reports of a mis-selling ‘scandal’ when the market boomed between 2002 and 2007. Having said that, as both the Experian report for the FCA and the GfK report show, there are issues for the industry to deal with. We would expect most lenders including IMLA members to have clear strategies and processes in place and the Council for Mortgage Lenders (CML) toolkit also released today is a useful industry initiative to assist that.”

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