Most interest-only mortgage customers can’t afford to switch to retirement interest-only (RIO) deals due to lack of pension savings, Royal London research suggests.
In the next five years, hundreds of thousands of interest-only mortgage customers will reach the end of their terms with no way to pay off their loans.
RIO mortgages are meant to be a lifeline for homeowners approaching retirement. But new research says most people with interest-only mortgages will lack the funds to afford a RIO if they want to keep up their living standards.Here, we look at whether RIOs really are unaffordable, or whether they could […]
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