Increase in Interest only Borrowers choosing Equity Release
February 29th, 2016
The number of interest-only borrowers who chose equity release as the answer for their debt rose by a high 68% last year.
According to a study by Age Partnership, in 2014 1,605 interest-only borrowers took the option of equity release, which soared to 2,697 in 2015.
Age Partnership see Equity Release as an option that is likely to increase further as they say that currently there are 720,000 interest-only mortgages that are set to mature by 2020 and it believe that half are unlikely to have a valid repayment vehicle in place.