Over £50 billion worth of interest-only mortgage capital is due to be paid off by 2020, according to research. This figure represents just over 450,000 interest only mortgages in the UK and is more than one-third of the total outstanding UK interest-only mortgage stock, currently standing at 1.6m mortgages. Almost 136,000 interest-only mortgages are due to mature this year alone, with a value of almost £16 billion.
Over 300,000 people aged over 65 are now living together unmarried in the UK - but in the eyes of the law, you can't reap the tax free perks unless you get hitched. A "dramatic" increase in the number of older cohabiting couples could lead to more people missing out on valuable tax breaks and state pension rights.
The lender pointed to higher inflation and weak wage growth as it predicted slowing house price growth over coming years. The mutual blamed the fall in pre-tax profits to £1.05bn on competition and its decision not to pass on the full impact of last year's Bank of England interest rate cuts to savers. It also said it was further scaling back its business model by withdrawing from car insurance - months after the lender announced it was pulling out of commercial real estate. The building society's results for the year to 4 April showed gross mortgage lending up 3% to £33.7bn and that a record 795,000 current accounts were opened, up 35%.
The weaker data and surveys which point to the housing market being increasingly affected by the deepening squeeze on consumers and their concerns over the outlook. These pressures would continue to intensify over the coming months and forecast house price will rise by just 2pc in 2017. There is a very real and mounting possibility that it could come in lower than that.
The "triple lock" on state pension increases are set to be shelved by 2020 by a Tory government. The Government is to call time on the measure which promises the state pension will rise each year by the highest of one of three measures: wage growth, inflation or 2.5pc.