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Find the AnswerYOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Age is merely a number to us. We assess your mortgage requirements based upon a number of factors …
Age really is just a number to us – we apply no maximum age limit for borrowers, which means that anyone over the age of 18 can apply for a mortgage.
Many older borrowers are comfortable to have a mortgage term which runs into retirement if this helps them obtain or retain their chosen property and, as long as the mortgage is affordable, we’re happy to assist.
Whether you are looking to move your mortgage from your current provider, take out a new mortgage to purchase that dream home or even release some equity from your property to help your children or grandchildren, speak with us to see if we can assist.
A retirement interest only mortgage is a regular mortgage, but, you repay only the interest each month. This means that the amount you owe does not reduce throughout the life of the mortgage. There is also no end date to the mortgage term.
To arrange your mortgage on a retirement interest only basis, you will have to meet certain criteria:
The Society does not place any additional restrictions upon who can reside in the property. Occupiers over the age of 17 will need to be declared at the point of application and will be required to complete an Occupiers Consent Form.
Whilst the Society may specify a term at the outset, repayment of the capital will not become due until the occurrence of one or more of the specific life events and while the customer continues to occupy the mortgaged property as their main residence, although interest payments will become due, no full or partial repayment of the capital is due or capable of becoming due. These life events include:
Borrowers are required to receive legal advice as a condition of the mortgage, and are strongly recommended to register a lasting power of attorney to mitigate the risks associated with managing financial affairs in the event of cognitive decline.
Mortgage applications are welcome via our direct mortgage advisors, or through panel appointed intermediaries.
If you would like more information, visit our website or call and book an appointment to talk to one of our advisors.
To make life a little easier we have create a simple Jargon Buster to help you with terms you are unsure of.
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