“Your favourite building society now offers the mortgage that never ends”. So reads the home page of the Kent Reliance Building Society, which has just announced that it will be offering interest-only mortgages that can be passed on to your heirs along with the home when you die.
Your heirs can then decide whether they want to deal with the mortgage themselves and keep the home or sell up, repay the mortgage and keep any leftover equity, assuming there is any at the time….
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