The interest only timebomb

One of the big advantages of owning a home is that one day you’ll have paid for it outright. You’ll have no housing costs, no debt, full security of tenure; a few less things to worry about in old age.

But what if all that time you weren’t actually paying off your mortgage – you were just paying the interest on the debt? There are 2.6 million people in Britain with interest only mortgages, and comprehensive new research by the … Read more