The value of mortgages taken out by borrowers aged 61 and over has increased 24 percent from £11.3 billion in 2021 to £14 billion in 2022, according to research from Bowmore Financial Planning.
Bowmore said that this has been caused by elderly borrowers using mortgages to minimise inheritance tax (IHT) owed on their estates after they pass away.
The value of mortgage sales taken out by borrowers aged 71 and over has also increased by 28 percent from £1.6 billion ...
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