What Are Our Options?
There is a growing number of traditional lenders (particularly building societies) in the mainstream mortgage market who will lend beyond the traditional retirement age of 65 subject to affordability.
This therefore requires suitable income sources ie employment, self-employment and pensions (state and private) with some even using investment and rental property profits. If your pension income in particular is of a good level then there is every chance we could find you a mortgage up to an age of 80 / 85.
Anything else we could consider?
The market has also developed a ‘retirement mortgage’ which starts out as a ‘traditional’ interest only mortgage where you make a monthly payment to cover the interest but gives you the option (at age 80) to ‘switch’ to ‘rolled-up’ interest.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR OTHER LOAN SECURED ON IT.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.
To understand the features and risks of a lifetime mortgage, please ask for a personalised illustration
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Equity Release Sussex is a trading style of TRM Financial Ltd (FCA Ref 725622), an Appointed Representative of The Right Mortgage Ltd, which is authorised and regulated by the Financial Conduct Authority (649443). Registered in England and Wales no. 09832887. Registered Address: 70 St. Johns Close, Knowle, Solihull, England, B93 0NH
For Independent Mortgage Advice we charge a fee of up to 1% of your mortgage amount payable (subject to a typical minimum charge of £295 payable on application & £300 on completion (£595 in total) plus commission from lender. The exact amount will depend on the complexity and work involved on your case and will be confirmed by way of a formal fee agreement.Â
To understand the features and risks, ask for a personalised illustration. Think carefully before securing other debts against your home.
