EXPANDING ACCESS TO RETIREMENT INTEREST-ONLY MORTGAGES

Motion Text

That this House welcomes the decision of the Financial Conduct Authority to recognise retirement interest-only mortgages as standard mortgages; recognises that as a population we are living longer; is concerned that the actions of mortgage lenders may threaten elderly homeowners holding interest-only mortgages with repossession once they reach the age of 75; and urges Santander and other major mortgage lenders to follow the example set by Nationwide and other high street lenders to allow interest-only mortgages to customers up to the age of 85 and beyond.