Later Life  

FCA: Advice firms could ‘do more’ for later life borrowers

“We have passed through the first peak of maturing borrowers and were pleased many were able to repay, but there are still around 1.1mn interest-only mortgages in the UK, with a median of nine years until maturity.

“Many of these borrowers may be less well- placed to repay their mortgages.” Together, Mills said the mortgage industry needed to “better understand” the situation of these borrowers and the problems they may face. 

“I ask you to consider how you can remind borrowers of the need to work with you to try to avoid the risk of them ending up having to sell their homes,” said Mills.