Real non-story in the FT today.
Under their usual remoaning headline of course.
With PPI coming to an end there is an industry of ambulance chasers looking for some more victims.
Here the 'victims' are people with interest-only mortgages.
Given that property prices in the UK have followed a pattern, see graph above, why would anyone ever care about not repaying the principal?
You will always over time have a capital gain bigger than your mortgage, normally over 20 years by at least 100%.
You have to be historically unlucky, taking out a large mortgage right at a market top, to not manage to make a capital gain over 10 years, let alone 20 years.
This is just a non-issue. In fact I would consider it back to front - surely the scam is making people re-pay mortgages and forfeit their wealth for no reason when they are earning more in their property anyway? That must be the real scam, how much money the banks make on excessive interest rate charges on secured lending. All pushed even harder by the FCA since 2009!