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Yes, they’re a great mortgage product for the right applicants. Retirement interest only mortgages are a relatively new product within the lending works and have been a refreshing solution for many borrowers over the age of 55.
Here are 5 reasons why retirement interest-only mortgages are a good idea:
For many of us, long-gone are the days of working until 60 and 65. Mortgages have had to catch up within the marketplace and, with solutions like a retirement interest only mortgage, they are.
Customers over the age of 55 still need to move home, get on the property ladder, or raise capital.
Many children are staying at home with their parents, or are financially dependent on their parents, well into their 30s and beyond which can get costly.
Mortgages into retirement can be a way to help both you and your family get by and live in the right sized property more comfortably.
With property costing much more than it did years ago, it’s now normal to have a mortgage much later in life due to the amount you must repay.
It’s good to know that there are likely to be options for customers who are taking out 40-year mortgage terms in the future.
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A retirement interest-only mortgage can be a good product to enable you, and your partner, stay in your family home.
They can be used to repay an existing mortgage that’s term is ending soon, raise capital to reduce your monthly outgoings by paying off debts and loans, or as part of a divorce/separation solution.
If you have been a homeowner for a while and have a lot of equity built up in your property however, for one reason or another, you may be struggling with the cost of living and have no spare money.
A retirement interest only mortgage can be a way of releasing some of this for you to enjoy.
When considering if a retirement interest only mortgage is a good idea for you, it’s always best to seek independent advice to consider all alternatives. There may be a traditional mortgage lender that will be more suitable for you, and if you meet the criteria, this will likely be the cheaper option for you.
Alternatively, if you do not have a great deal of income, now or from future private pensions, a lifetime mortgage might work better for you.
An independent mortgage broker will be able to let you know whether a retirement interest only mortgage is a good idea for you and if it’s the most cost-effective solution available.
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UK Moneyman Limited is Registered in England, No. 6789312
Registered Address: 10 Consort Court, Hull, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
UK Moneyman Limited is Registered in England, No. 6789312
Registered Address: 10 Consort Court, Hull, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
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