Around a million people could have their homes repossessed because they have no way of paying off their interest-only mortgages, Citizens Advice has warned. New research from the national charity estimates 934,000 people have interest-only mortgages and do not have a plan on how to pay it off when their term ends. Time is running out for some people who will either have to sell their homes, find the capital to pay off the debt or could risk having the property repossessed. Some of the people who came to the consumer champion said they were not made aware that they would need to repay the capital at the end of their term. The average shortfall was previously estimated to be £71,000. The charity says that in the UK there are 3.3 million mortgage holders who have interest-only products. Through polling it commissioned to Yougov, it estimates: 1.7 million of these say they have no linked repayment vehicle, such as an endowment or ISA. 934,000 of these have no plan for repay...
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