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£60 billion of mortgage debt `shifted to interest-only deals`
Around 300,000 households owing a combined £60 billion have switched to an interest-only mortgage deal in the last three years, statistics from the FSA (Financial Services Authority) show.
Many of these homeowners may have done so to relieve some of the pressure on their finances, with costs of living on the rise and personal debt becoming a growing problem in the UK.
Cost of running a home at most expensive level since 2008
According to Halifax, the cost of running a home has reached its highest level since 2008, the Independent reports.
Halifax found that the annual costs associated with owning and running a home have increased by an average of 1.4% over the past 12 months - rising by £127 to £9,083.
Company insolvencies rise
The number of company liquidations rose over the first three months of the year, figures from The Insolvency Service have revealed.
In the first quarter of the year (Jan-Mar), there were 4,121 company liquidations in England and Wales. The majority - 3,047 - were Creditors` Voluntary liquidations, while 1,074 were Compulsory liquidations.
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