New wave of interest only mortgages

New wave of interest only mortgages

Britain is preparing itself for a new wave of interest only mortgages even as 11,000 existing owners are in danger of losing their homes. The new deals are being offered as loans for pensioners into their retirement and as a lifeline to those borrowers unable to pay their existing interest only debt.

Number of 95% mortgages hits 10 year high

95% mortgages hit record high

The number of mortgages on offer for buyers with small deposits has hit a post crisis high. Data firm Moneyfacts says lenders introduced 37 new deals last month for buyers with a deposit of just 5% of the asking price.

Equity release lenders have record year

Equity release lenders in the UK have had a record year, providing more than £3 billion in home loans during 2017. According to the Equity Release Council, the £3.06 billion released by the over 55s is a 42% increase on 2016 and the first time the total has risen over £3 billion.

The rise of the pensioner mortgage

The rise of the pensioner mortgage

The number of pensioner mortgages in the UK is set to double in the next few years according to new research. The survey by the International Longevity Centre-UK (ILC-UK) predicted the total mortgage debt among the over 65s will increase from £20.1 billion to £39.9 billion by 2030.