OVER 50's
A lot of our customers think they have come of an age, where they can't get a mortgage.
With specialist lenders in this market, our brokers have a range of products which could lend till your 100th birthday and beyond.
Don't hesitate to make contact now for a free no obligation chat, with our regulated brokers who have built up decades of knowledge within this market.
RETIREMENT INTEREST ONLY
LIFETIME MORTGAGES
HOME REVERSION PLAN
RETIREMENT INTEREST ONLY
The Retirement Interest Only Mortgage (sometimes called an ‘RIO Mortgage’) is available to people over 50. It’s a loan secured against your home, where you pay the interest each month, which means the amount you owe doesn’t increase over time.
You can use it for most purposes (including paying off an existing mortgage). What's important is that you don't have to repay the loan until you, or the last remaining borrower, dies or move permanently into long-term care.'
Our regulated brokers will explain everything and have an expansive knowledge of this market and be able to provide rates that are not on the high street.
LIFETIME MORTGAGES
This type of loan is secured against your main residence but allows you to retain ownership. This can be superb for people wanting to top-up their income once retired. The interest is accrued on this product, with simple solutions to pay off.
HYBRID SCHEME: These are lifetime mortgages, arranged on an interest-only basis, with the borrower making regular payments. This type of product will give the borrower the right at any time to switch to an interest roll-up basis and stop making payments.
DRAWDOWN SCHEME: The lender agrees on a maximum lending limit and the borrower can draw down lumps sums as they wish, subject to a minimum withdrawal.
Modern lifetime mortgages allow the borrower to make penalty-free lump sum overpayments during the life of the mortgage.
Our regulated brokers will explain everything and have an expansive knowledge of this market and be able to provide rates that are not on the high street.
HOME REVERSION PLAN
A home reversion plan is a type of equity release scheme that help's release tax-free funds from your property, providing a lump sum or regular income to those aged 55 and over.
It is an alternative to lifetime mortgages and the homeowner will sell all or part of their property to the lender in return for capital sum, income or both.
Multiple lenders offer this product, have a chat with our regulated specialist brokers and get the best rate to match your circumstances.
