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.
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.