The headache of having an interest-only mortgage and no clear repayment strategy may be enough to make you want to bury your head in your sand. But for anybody in this predicament, the message from the FCA is loud and clear: contact your lender.
This is an important first port of call, as they will be able to talk you through your options and offer advice for a repayment strategy. However, we do understand that it can be hard to feel confident that your lender will be able to help. That's why our position is that lenders need to make sure that they're doing all they can to help, and to communicate effectively. We'd also like to add that we support all the efforts being made to help interest-only mortgage customers find a suitable solution.
If you would like more information, then we would encourage you to take a look at the FCA's leaflet all about acting now, available here
. You can also read more about some of the options for repaying an interest only mortgage here.