If you own your own home and have equity in the property, then a retirement interest only mortgage might be ideal for you if you are an older borrower.
- What are Interest Only Mortgages? A Complete Guide for Understanding and Applying GalleryInterest Only Mortgages, Investment BTL Mortgages, Knowledge Mortgages, Savings and Investments, Savings and Investments Knowledge
There are currently two different ways to pay your mortgage payments – interest only or repayment. As the term implies, you are only paying the interest part of a mortgage loan and you don’t have to repay the amount you’ve borrowed until the end of your mortgage term,
Endowment Mortgages were hugely popular in the 1980s and 1990s and were often sold alongside interest only mortgages. There has been a lot of problems and scandals around endowment mortgages and failure for the borrower to repay..