More 2 Life has launched the first equity release product to address the "mortgage time bomb" of people paying interest-only loans into retirement.
The Interest Choice Plan will allow customers to pay interest while protecting the equity in their property and accessing additional funds. Jon King managing director warned: "There is a potential mortgage time bomb ticking with pensioners paying home loans way past traditional retirement ages." More 2 Life research found 100,000 over 65s are spending a total of £1.36 billion a year on mortgage debt. The equity release plan allows customers to choose the level of interest they pay on loans and the term, while fixing their interest rate and having access to a lifetime drawdown facil...
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