Home owners who opted for interest only or part interest only mortgages may need to start rethinking their finances, a South Yorkshire property lawyer has warned.
A major shake-up in the mortgage market means some lenders are pulling out of these types of mortgages altogether, with others looking closely at following suit.
The biggest impact of the shake-up will be on existing customers who will be asked to set out clear plans of how they intend to repay the outstanding amount at the end of the mortgage term.
Charles Godfrey, senior partner and head of Atherton Godfrey’s commercial and residential section in Doncaster, said: “These new rules are certain to have a huge impact on many property buyers and we will be advising our clients accordingly.”
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