Equity release could solve interest-only headache - Nigel Waterson

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Interest-only borrowers and elderly homeowners needing long-term care will drive growth in the equity release market, the Equity Release Council chairman has said.

Nigel Waterson said: "We know each year over the next ten years or so there will be a huge number of people with interest-only mortgages coming to term and only a small proportion of them have any idea how to pay it off. "There is a big headache for people and possibly the only solution is equity release." Government proposals to make it easier for local authorities to pay for residents' long-term care and recover the costs through the sale of their home after death, would lead to a surge in demand for independent advice, he added. "Once this scheme is up and running, people will n...

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