Call to ban interest-only mortgages

SOLICITORS, property developers and accountants are all facing a mortgage crisis, with many owing up to €500,000 more than their house is worth.

Brokers said they are getting hundreds of calls from professionals who bought houses at the height of the boom and who cannot now pay their mortgages following pay cuts of up to 75%.

The Irish Brokers Association (IBA) said it is being inundated with calls from concerned clients facing significant repayment increases over the next 12 months as interest rates go up.