Lenders ask FSA to ban interest-only

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The Financial Services Authority (FSA) says that a number of lenders have asked for a ban on interest-only lending as part of the Mortgage Market Review, according to a story in Mortgage Strategy magazine. Speaking at the Mortgage Business Expo in Manchester, FSA manager of mortgage policy Lynda Blackwell, is quoted as saying: "Some people want us to ban interest-only and that includes lenders - some lenders have asked us to ban interest-only. We have listened to all the different views and what we accept is that interest-only is right for certain borrowers." There a number of lenders happy to offer interest-only mortgages and they are available to borrowers with a minimum deposit of 25%. May 25, 2012
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