The regulatory review into the residential interest-only mortgage market found no evidence of systemic mis-selling, the Association of Mortgage Intermediaries (AMI) has said.
Robert Sinclair, chief executive of AMI, said the substantial study, released today, found the vast majority of consumers who took out the products "understood the terms associated with the loan". He added: "However, some customers will need support to ensure that they are able to appropriately manage the maturity of their interest-only mortgage." In Financial Conduct Authority (FCA) guidance consultation and its thematic review report on the maturity of interest-only mortgages, the watchdog has clearly identified that customers are responsible for repaying their interest-only loans, ...
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