Post new topic Reply to topic  [ 1 post ] 
  Print view

Saga comments on Lifetime Mortgages
Author Message
PostPosted: Tue Nov 04, 2014 10:01 am 
Site Admin
Offline

Joined: Tue Feb 03, 2009 9:46 pm
Posts: 543
Commenting on Santander's confirmation that they are considering lifetime mortgages Jeff Bromage, chief operating officer for Saga Personal Finance commented
"Saga's previous research has highlighted the very real problem faced by a million older homeowners who are reaching the end of their interest-only period, only to realise that their endowment policies are unlikely to meet the cost of their outstanding mortgage debt. A quarter of these even faced having to sell their family home in order to pay the debt, with the outstanding balance in the region of £49,000.

"There are a range of options that older homeowners are already likely to consider including, downsizing, but often the costs associated with this are prohibitive. We also have a large number of individuals contacting Saga's Mortgage Shortfall Solutions service for information on their options, many of whom are faced with a significant shortfall. However any additional products and services that can help alleviate the pressure for older people, who will be left with mortgage debt when their endowments mature but don't want to have to move from their family homes, will be warmly welcomed."

http://www.saga.co.uk/newsroom/


Top
 Profile  
 

Display posts from previous:  Sort by  
Post new topic Reply to topic  [ 1 post ] 

You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot post attachments in this forum

Search for:
Jump to:  
cron