News arrives to us that the FSA are thinking of banning interest only mortgages. Why would they do that?
Yes, I can see that there could be issues with people that have no long term repayment vehicle but if I want to buy a house and know that I am going to stay there for just 2/3 years then I will not be wanting to pay more on a capital and interest plan as it will make no difference to the capital outstaanding in the time I will have owned it for.
Barking the lot of them.
