News

SALES NEWS: The mortgage of a lifetime

10/11/14

Mortgages that last until death may soon be offered as a way of defusing Britain’s interest-only mortgage time bomb. Santander confirmed it is considering offering home owners with no prospect of paying off their interest-only deal the opportunity to switch to a repayment mortgage which could potentially last for the rest of their lives. Whilst still in the development stage, the idea would be that any outstanding amounts left on the home loan would be recouped by the lender upon the sale of the home, either within the customer’s lifetime or after their death.

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