For many years people were sold (mis-sold) interest only Mortgages which, in effect, could never ever be paid off - because you are only paying interest.

For years people have been 'trapped' in these type of mortgages by banks ( who deliberately manipulate and fix lending criteria to suit their own greedy purpose) with owners having no prospect of actually owning their home, coming to the end of their payment period at an age where they may be facing retirement or low or no income and face losing or having to sell their home because they have paid nothing off of it.

Banks need to immediately switch customers from these types of loans to better products without any fuss or obstacles in the way at all, and then compensate these customers-victims who have been cash cows for them, with nothing to show at the end of all the years paying their interest only loans.

These types of never ending 'blackhole' loans should never have been offered against such a hugely important thing - a home - in the first place and banks should be made to recognize this and make good for the utter abuse of their own customers they are responsible for which needs addressing by Government right now.

Below is a report by the Guardian giving more details:

Guardian Newspaper Report

It's a massive scandal far worse than PPI !