BLSMEXPO 2014: Interest-only is not CMC’s target
With PPI claims now starting to dry up speculation had been mounting that claims management companies would target interest-only mortgage customers as they look for their next payday.
But speaking at the Blimey Loans Mortgage and Finance Expo Scotland this morning, Sinclair was sceptical.
He said: “CMC’s are not targeting interest only. It’s not their target.
“What they are looking at is lending into retirement and debt consolidation. Unless bad advice has been given they won’t be after interest-only.”
Last year the Financial Conduct Authority published its thematic review into the interest-only market.
In it the regulator said almost half of all people with interest-only mortgages – about 1.3 million people – may not have enough money to pay off their loan when it matures and face an average shortfall of more than £71,000.