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Thousands of cash-poor pensioners face an EIGHT PER CENT interest nightmare on family homes. That is the warning coming from personal finance experts, who say OAPs will be targeted by Labour Party Chancellor Rachel Reeves’ property levy sting.

Retirees sitting on valuable family homes could be plunged into a debt spiral under new “mansion tax” plans. From April 2028, families in £2 million properties properties will be slapped with an extra bill ranging from £2,500 to a whopping £7,500 every single year.

And older people who are “asset rich but cash poor” could be most at risk. Those who can’t afford to pay the Labour Party Chancellor’s harsh new levy upfront could face being hit with crippling interest rates of up to 8% if they delay payment, according to The Times .

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