Retirement interest-only mortgages offer lifeline to older borrowers

Demand is growing for a new type of home loan that helps the over-55s facing a shortfall at the end of their existing term

A new breed of interest-only mortgage for older people is starting to take off. These deals could throw a lifeline to thousands of people who have an interest-only home loan that’s coming to an end, but don’t know how they are going to pay back what they owe.

Interest-only mortgages became virtually extinct following the credit crunch and were once branded a ticking timebomb. During the past few years some older homeowners with these mortgages have found themselves staring down the barrel of a big shortfall and worried they could lose their homes.

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From our friends over at the : Business | The Guardian

 

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