Over -55s most at risk from interest only 'time-bomb'

This fresh warning comes in response to a long-awaited review into interest-only mortgages published today by the Financial Conduct Authority. It found almost 300,000 borrowers with loans maturing before 2020 face a shortfall in repaying their interest-only mortgage. Of those 300,000 borrowers, around 100,000 will have a shortfall of £50,000 or greater. Key Retirement Solutions managing director Dean Mirfin warns: "Those most at risk are the over-55s as this is very much a retirement income crisis." However he added: "There is time to address the crisis and there are solutions alre...