Retiring with an interest only mortgage? Help is at hand but you NEED to act soon | Property | Life & Style

GETTY 1.67m full interest only and part capital repayment mortgage accounts remain outstanding in the UK Then the credit crunch hit, and the failure of some endowment funds left many borrowers who thought they had a repayment vehicle with a deficit of thousands of pounds, whilst others struggled to meet lender affordability criteria to move onto a standard repayment mortgage, leaving them marooned on an interest only deal. As it stands now, due to lending legislation introduced in 2014, ironically interest only mortgages are generally the preserve of high earners…

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