Crunch time looming for interest-only borrowers

A quarter of a million homeowners on riskier interest-only mortgages will face a refinancing crunch in five years’ time, a specialist lender has warned. They will have hit the repayment dates on thier loans by January 2024 and will not have moved on to a new mortgage deal, according to Kensington Mortgages.

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While financial regulators have massively restricted the type of borrowers who can access credit in this way, a "repayment crunch" is looming for those affected. What will the consequences be for the housing market – and how will those with outstanding loans cope – if house prices fall, and interest rates start to rise?

Crunch time arrived and nothing was done in the interim to solve the basic spending problem – indeed the passage of the Medicare prescription drug bill in 2003 made it worse. Second, the events of the financial crisis and recession used up the federal government’s cushion.

A borrower could switch to a new interest-only loan or find a principal and interest loan with a lower rate or better features. Small Business Ombudsman Kate Carnell said the looming refinancing crunch could worry eight in 10 small business owners with loans secured against their homes.

Crunch time looming for interest-only borrowers;. The Borrowers; The Times view on road sign visibility: Up the Junction; Tourists flock to places made famous by contemporary films, but.

Interest-only mortgages were popular in the years leading up to the credit crunch and in the years following; they allowed borrowers to, in some cases, halve their monthly mortgage bill.

TENS of thousands of Queensland homeowners are facing a looming mortgage crunch as $6 billion worth of interest-only loans reset at higher rates over the next few years, new research has revealed.