Homeowners who have relied on interest-only mortgages are increasingly being forced to sell up before their repayment term is reached. The number of people having to sell their home and downsize is increasing. Estate agents are reporting that forty-three per cent of customers are forced to sell their home to pay off interest-only mortgages. Mortgage debt issues [...]
The sum paid out by equity release plans topped £2 billion for the first time last year, the Equity Release Council said. Equity release allows you to release a tax-free lump sum from the equity locked in your home. You can do this without having to move. The £2.15 billion lent was a third higher than [...]
Average residential property has increased by 148% in value, compared to a 66% increase in pensioners’ incomes. House prices are now almost ten times the size of the average pensioner’s yearly income. Housing wealth also grows faster than other sources of pensioner income over a 20 year period House prices in England have grown [...]
