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PPI Claim: People 'face debt due to mortgages'

Homeowners who took the option of an interest only mortgage could try to offset a potential "time bomb" of debt by making a payment protection claim.

Many people who purchased their homes while the housing market was healthy and experiencing growth chose the option of buying their property with an interest only mortgage, according to Paul Holmes, Firstrung's chief executive.

He said there had been a stagflation in the property market that was causing people to be faced with huge debt problems.

Mr Holmes explained that homeowners took out the interest only option believing their house would rise in value by the time they had paid the mortgage off. Unfortunately the banking crisis and the subsequent crash in property prices will see many people face debt issues.

Recent figures from Alliance Trust Savings show that its financial reality index fell by a record amount in the third quarter of the year, indicating financial conditions were already difficult for most people.

Charles Baker

Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-800781156-ADNFCR

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