Debt could rocket by 43% in five years as house prices soar

Households could see their debt levels rocket by 43% in the next five years, suffering from the double whammy of rising house prices and decreasing savings. The Money Charity says that the latest forecasts by the Office of Budget Responsibility (OBR) show that the average household debt in the UK, including mortgages, is expected to …

Interest only mortgages – over ¼ million have no idea how they will repay them

Over 250,000 holders of interest only mortgages have no idea how they will pay them off when the capital becomes repayable at the end of the term. Under new rules no-one will be allowed to take out an interest only mortgage unless they can show they have a viable plan for repaying the capital when …

Boom in lifetime mortgages for pensioners

Soaring house prices are fuelling a boom in lifetime mortgages for pensioners wanting to unlock the value in their homes to supplement their retirement. In a form of equity release, retired people are taking out loans against their homes to fund holidays and home improvements.