Mortgage rates: Will new retirement mortgages see a surge in older buyers?

While many home owners hope to be able to pay off their mortgage as soon as possible, it can be seen as a milestone and impossible to eliminate. 

But there are plenty of people who have retired and yet to pay off their mortgage. 

While retirement mortgages have been around for some time, Vernon Building Society has launched two multi-use retirement mortgages with no age restrictions or arrangement fees. 

The deals are available on both a repayment and interest-only basis.