The Guardian - UK mortgages: could equity release help with rising costs?
The Guardian newspaper reports that an increasing number of older people are considering dipping into the value stored in their homes to help with the UK’s cost of living crisis.
“To say that lifetime mortgage costs have increased dramatically would be an understatement,” Aaron Strutt of Trinity Financial told The Guardian.
“The key thing that makes the impact of these higher lifetime mortgage rates so significant is the cost of servicing the interest, and if it is rolled up, the compounding of interest will erode equity in properties more quickly.
“The borrowed amount will pretty much double after 10 years and will reach three times the amount in the 15th year.”
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