Nottingham Letting Agent Property Blog

The Financial Services Authority is concerned over the number of interest only mortgages which are nearing the end of their life, as many of these homeowners may have no reasonable hope of paying off the loan. Around 4.5 million mortgages in the UK are interest only, and many were given during the boom years to people now well into their 50s. The FSA has estimated around 1.5 million interest only mortgages will be due for repayment between now and 2020, and are worth £120 billion. This would mean 150,000 interest only mortgages ending each year for the next few years.The trouble...

A new report published by the Financial Services Authority has found the majority of sale and rent back transactions were either unsuitable or unaffordable. The FSA has reviewed all regulated SRB firms and now all have more or less stopped taking on new business while one firm has been referred to the FSA's enforcement division.The FSA reviewed a total of 22 firms, but only nine had been active since they began regulating this sector. Five of the nine firms have stopped doing business in this sector while another three have decided not to do any business for the foreseeable future, while...