According to The Saga Equity Release Advice Service, underachieving funds have left numerous people over the age of 50 with interest only mortgages facing an average deficit of £49,000.
Half of the 8,000 over-50s who were interviewed by Saga said they have not moved home for more than 20 years yet a quarter add that they will have to sell their home in order to make up the deficit from their endowment policy.
One in thirteen of those facing a deficit have bought themselves some extra time by extending their mortgage, while a third plan to dip into their savings to pay off their mortgage. About one in ten don’t know what they will do to pay their outstanding balance on their home.
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