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NEW rules for Pensions & the impact on your 'Interest only' mortgage...

NEW rules for Pensions & the impact on your 'Interest only' mortgage...

In the latest update our guest blogger, Frank Cozzo discusses the radical changes to the pensions regime which were announced in the Chancellor’s Budget Speech on 19th March.  Consequently, from April 2015, from age 55, retirees will be allowed to access all of their defined contribution pension pot, subject to their marginal rate of income tax in that year. There will no longer be a requirement to buy an annuity.

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Interest Only Mortgages and 3 Valuable Tips

In May 2013 the Financial Conduct Authority (FCA) published its thematic review on the maturity of interest only mortgages. The report found no evidence of mis-selling but did highlight the growing risk of interest only mortgage borrowers defaulting, as they had no repayment plan to enable them to redeem their mortgage on the expiry date.

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