Decision Tree

TEAM

If you are aged over 55 and considering either a lifetime mortgage product or mortgage into retirement but you're unclear which is the best option for you, why not try our Decision Tree below to obtain guidance on the type of scheme that might best suit your situation?

Do you wish to repay the funds in your lifetime?

YES

Interest Only Mortgages Available to age 95 at high street rates which can be repaid by downsizing or capital payments.

NO

YES

Capital Repayment Mortgages

Available to age 85 at high street rates 

Interest Only Mortgages Available to age 95 at high street rates which can be repaid by downsizing or capital payments.

NO

If you are a little older and still looking to take out a mortgage into retirement either on an interest only, capital repayment or lifetime basis but you're unclear which is the best option for you, why not try our Decision Tree below to obtain guidance on the type of scheme that might best suit your situation?

Do you wish to repay the funds in your lifetime?

YES

NO

YES

Interest Only Mortgages Available to age 95 at high street rates which can be repaid by downsizing, lump sum payments or other means.

Capital Repayment Mortgages

 

Available to age 85 and beyond at High Street rates.

Would you be prepared to sell the property in return for a larger tax free cash sum but retain the right to live there rent free for the rest of your life?

YES

NO

Home Reversion Schemes 

Available where you sell all or part of the property for a tax free cash sum.

Sell and Downsize?

Retirement and Lifetime Mortgages are available if you choose to downsize to a smaller property.

YES

Would you prefer to pay the interest either monthly or via voluntary payments so that the amount owed would never increase?

YES

NO

Lifetime Non Roll-Up Interest Only Mortgages 

Available where you pay the interest monthly so that the amount borrowed does not increase.

Lifetime Mortgages 

Available where you have no compulsory payments to make but have the option to make payments of up to 10% of the amount borrowed each year without penalty.

Lifetime Roll-Up Mortgages

Available where no payments have  to be made, with all interest being added to the loan and the amount owed increasing year on year.

The decision tree above is for guidance purposes only.  Before making any decision, you should discuss your individual situation with one of our friendly specialist advisers who will guide you through your options and produce any personalised illustrations you may require.

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Your property may be repossessed if you do not keep up repayments on your mortgage.

Think carefully before securing other debts against your home. 

Berkley Vittoria Independent Financial Services is authorised and regulated by the Financial Conduct Authority.  Our FCA number is 150186.  

The FCA does not regulate most Buy to Let mortgages.  

Registered Office:  The Stirrups, Claypit Lane, Lichfield, Staffordshire, WS14 0AQ.  

Registered in England and Wales No. 2667979

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