Ben Chambers, product manager for HML, said that on the mainland, the move was most popular among residents in the West Midlands, where 9.3 per cent of full-repayment conversions have taken place. However, Northern Ireland has seen 25 per cent of conversions taking place.
The figures - based on analysis of 10,846 live accounts to the end of March 2013 - follow the publication last month of the FCA’s thematic review of interest-only mortgages.
