If you are approaching retirement or have already retired and you are looking for a mortgage or re-mortgage and don't wish to consider equity release schemes, we may have the perfect solution for you.
Maybe you wish to move home, consolidate debts* or replace an existing mortgage that is coming to an end? If so, then why not consider a mortgage into retirement? This will enable you to borrow funds and retain them beyond your normal retirement date (often until age 95 or even on a lifetime basis with the NEW Retirement Interest Only (RIO) products.
We have access to lenders who will consider you for a mortgage even if your income is derived entirely from pensions, investment income or rental income.
A retirement mortgage is normally the product of choice by applicants who have considered lifetime mortgages but feel it does not suit their needs. A retirement mortgage tends to appeal to people who do not need to keep the funds for life either because they want a capital repayment mortgage or wish to repay an interest only mortgage by one of these methods:-
Sale of another property Utilising savings and investments
Many people aged over the age of 55 who are looking to take out a mortgage or re-mortgage into retirement find that their own building society or bank cannot assist.
This may sound hard to believe when you have a good credit history, equity in your property and in many cases have an exemplary record in paying your current or previous mortgage!
*Subject to status.
We have access to high street and specialist lenders who will offer capital repayment mortgages or interest only mortgages until age 95.
Rates available from 1.65% fixed for five years (3% APRC)*. Some schemes qualify for a free valuation and legals package.
We have schemes available with no early redemption penalties at any stage.
If you would prefer instead to raise funds on an INTEREST ONLY MORTGAGE FOR LIFE and still pay the interest each month, then click on this link for more details on Lifetime Mortgages
*If you wish to re-mortgage to consolidate other non secured debts you should be aware that by taking the mortgage over a longer term, then you may pay back more in interest over the term.
To discuss your personal situation in more detail or to obtain a written illustration with no obligation, please call us on 0800 542 1719 (it's free from UK landlines).