NEED TO KNOW

Is your mortgage a ticking time bomb? Nearly one in five mortgage borrowers have interest-only loans, according to the Financial Conduct Authority. That means if they don’t have the money to clear the debt when their mortgage ends, they risk losing their home. Luckily, banks and building societies are becoming more sympathetic to older home owners wanting to continue their mortgage after official retirement age – today, more than 70% of mortgages can extend until the borrower is 75 years old or over. If you do have an interest-only mortgage, check if you can remortgage to a lower rate or longer term, or switch some or all of the loan to a repayment version.