OLDER home-owners are being given more borrowing options, as a building society launches a new range of retirement interest-only mortgages.
Leeds Building Society said it is entering the market, with the new deals initially being made available through brokers.
Interest-only mortgages allow people to make regular interest payments on a loan, without paying off the loan itself - but the capital must be eventually paid off.
Leeds' new mortgages are being offered to borrowers aged 55 to 80.
The loans need to be repaid on a specified life event. This could be the sale of the property, moving into residential care - or the death of the borrower.
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