Wednesday, 28 June 2017

House Sales Surge Due To Interest-Only Worries

New research from equity release referral service, Key Partnerships, has revealed that many homeowners are being forced to sell their homes to pay off interest-only mortgages ahead of looming repayment deadlines. The report found that more than two out of five estate agents (43%) say the number of customers forced to sell to pay off interest-only mortgage debts has increased over the past two years. Mortgage debt issues are particularly affecting older customers trying to downsize to less expensive houses to release cash. Key’s research found 73% would-be downsizers are paying off mortgages. Estate agents are regularly asked for advice and guidance on mortgages and remortgages by clients – 58% say clients want support on mortgages. Read more on the property reporter website.

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