Interest only mortgage for over 55’s
October 10th, 2016
Interest only standard residential mortgages for applicants aged over 55. Although we reported earlier this week that solely interest only residential mortgages are becoming less common, this new product being launched offers residential mortgages on interest only basis with ‘downsizing’ as a valid repayment vehicle for the capital at the end of the term!
Here is a summary of this new product:
- Available to applicants between ages of 55 – 85
- Loan terms from 5 years up to the youngest borrower’s 95th birthday
- Acceptable repayment vehicles include downsizing, sale of other UK properties or investments
- Salary, self-employed, pensions, investments and rental incomes are all acceptable for affordability assessment
- Loans available for purchase, capital raising and remortgage, from £20,000 – £500,000.
- Please note this product is currently available in England and Wales only
- This is not an Equity Release product.
The current rates available for this product is:
|2yr fixed||5yr fixed||2yr discounted|
|3.49% fixed||3.95% fixed||3.30% variable:
a discount of 0.90% to our SVR
With additional Incentives such as:
|Re-mortgage/Capital raising: Free Legal package* + Valuation (up to £350,000)|
|Purchase: Free valuation (up to £350,000)|
*Solicitor fees + standard disbursement if using the lender’s own solicitors
NB: All mortgage products are subject to change, credit checks and a property valuation.
To discuss this product and any queries that you may have about it, please contact us now!