One-third of older home owners have no mortgage

One-third of home owners aged 60 plus no longer have a mortgage on their property, according to new figures from national statistics office CBS.

But over four out of 10 have an interest-only mortgage, often in combination with other repayment mortgages. This may be because they have borrowed against the surplus value in their home, the CBS said.

By contrast, the under-30s are most likely to have a repayment or savings-based mortage (spaarhypotheek) and just one in 10 has an interest-only mortgage.

The government is phasing out mortgage tax relief on all but repayment schemes.

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