We can help you find the right options to borrow money that suits your needs.
TRADITIONAL MORTGAGE
Most traditional mortgages nowadays allow a maximum working term to age 70, some to 75 years of age, providing your current employment permits you to such a working age.
Some lenders will also allow to increase this to age 85 years; however will use your retirement earnings for affordability purposes
RETIREMENT INTEREST ONLY (RIO)
Designed for the over 60’s who need to unlock the equity in their home but can also afford the interest payments for the entire mortgage term, which is generally with no maximum age limit.
The Retirement Interest Only Mortgage is generally paid off when you die or move into long-term care when you sell the property. As the payments are interest-only, they can be seen as a more favourable option since you only pay the interest of the mortgage borrowed.
EQUITY RELEASE
Designed for the over 55’s, the homeowner will receive a cash lump sum with no need to pay anything back until they die or move into long-term care. In return, the interest is rolled up with compound interest.
Please note:
For Later Life Mortgages, to understand the features and risks, ask for a personalised illustration.
HOME REVERSION PLANS
Designed for the over 60’s. A home reversion plan is where the home reversion provider purchases some or all of the property; depending on how much the property is sold. The homeowner will receive a cash lump sum and retain the right to live in the property until death or long term care.
