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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