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Home owners take action over interest-only mortages.

A WAKE-UP call for the 1.3 million home owners who are feared to be at risk of being unable to repay their interest-only mortgage appears to be working, figures from lenders indicate.

The Council of Mortgage Lenders (CML) said people are "clearly taking action" to reduce the risk of being unable to repay their loan when it matures and the number of mortgages which are purely interest-only has fallen by 300,000 in the space of a year.

The lending body said that although it is likely that some people may still struggle to put adequate plans in place to repay their mortgages in full and on time, "the number of such borrowers is likely to be relatively modest".
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Publication:Huddersfield Daily Examiner (Huddersfield, England)
Date:May 2, 2014
Words:120
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