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It is entirely understandable why buyers were dazzled by the lure of relatively small monthly repayments, for what was then deemed to be an extended period, against such attractive yields.

But, when it comes to the repayment of interest-only mortgages, many people have approached their lenders for more time. In some cases, the lender may have changed to a new entity, leaving borrowers left to deal with a different bank than the one that sold them the mortgage in the first place. Such requests have usually been refused as the Banks stick rigorously to the mortgage contract, which clearly states the date change from interest-only to repayment.

The 10–15-year period of interest-only mortgages usually take purchasers into their early retirement: a time when changes in income can be devastating. For example, a gentleman, now 78 years old, recently advised us that his mortgage would rise from €345 per month to an unsustainable €2,894 per month.

These mis-sold mortgages, and the promises around them, have unfortunately left victims in a financial disaster.