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Interest Only Mortgages for those over 55

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55+ Interest Only Mortgages

Retirement interest-only (ROI) mortgages are available to borrowers over the age of 55.

This type of mortgage can be used to pay off an existing mortgage because you pay the interest each month, meaning the amount you owe does not increase over time. It is a loan that is secured against the value of your property, whilst you do not have to repay the loan until the last remaining borrower dies or moves into long-term care. The amount you can borrow depends on your financial situation.

Do you need help assessing your options?

Unlock equity without compounded interest

With all mortgages, lenders constantly tweak criteria and affordability assessments, whilst they will need to see clear evidence of a repayment plan. Mortgage Store can talk you through your options and identify the most suitable deals.

If we do not think a 55+ interest-only mortgage in Bedfordshire is right for you, we will not shy away from telling you. Unlike lifetime mortgages and other equity release plans, the interest is not compounded, whilst certain lenders will give you the option of repaying some of the capital each year.

Generally, RIO mortgages are cheaper than equity release plans, with interest repaid monthly. You can also stay in your home, so long as you keep up with the monthly repayments. Our friendly mortgage brokers in Ampthill will take the time to understand your situation, lifestyle goals and vision for the future, offering unbiased advice you can count on.

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Are you seeking flexibility as you move close to retirement?

Whether you are nearing the end of your standard interest-only mortgage or have ambitious retirement plans and need to release equity from your home, we can help you make an informed decision on your financial future. Lenders will consider your age, income and the value of your home to assess risk, potentially lending you up to a certain percentage of your property's value, for example, 50% or 60%.

If you require a lifestyle planning option, wish to release equity as soon as possible or gain some much-needed breathing space as you contemplate your later years, it is best to get in touch with Mortgage Store today. We will help you understand how equity release works, outlining each plan's risks, features, and advantages — in plain English.

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