Borrowing in later life could feel out of reach however the later life lending sector has begun to introduce a wider range of products. Indeed the Financial Conduct Authority now treats Retirement Interest Only (RIO) mortgages as standard mortgages, instead of being regulated under Equity Release rules. The new type of interest-only product could help those who had an interest only mortgage before the credit crunch. Seeking professional financial advice could help you to manage your finances more effectively.
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