One in five using equity release for interest only debt

The advisory firm said this boom was partly fuelled by closures and restrictions on interest only deals. As a result, many existing customers have struggled to meet new criteria and penalties imposed on their contracts. While many retirees were happy to continue servicing the interest, Dean Mirfin, group director at Key Retirement Solutions said many pensioners were "trapped" in interest only deals. Mirfin warned many customers were unable to move deal or lender and faced a mounting increase in interest rates. However, he added: "Innovation in the market is continuing with the laun...