Interest-only mortgages
Published on 02 May 2013 11:00 AM
Commenting on a report from the Financial Conduct Authority that shows 10 per cent of people with interest-only mortgages have no repayment strategies, Age Cymru's Director of Influencing and Programme Development Victoria Lloyd says:
"With one in ten borrowers having no plan as to how they are going to pay off their loan - there is simply no room for complacency for lenders or older consumers.
"Age Cymru calls on banks and building societies to lift their arbitrary age limits on loans which unjustifiably prevent many older people who could afford a mortgage from extending the term of their loan.
"Decisions on lending should be based on whether an individual is able to repay a loan not on an outdated vision of what it means to be older.
"It is also important to have access to targeted, independent advice for those older people who are experiencing difficulties."