Life doesn’t end at 50 so why should lending?
You may have heard in the past that once you’re 50 or over, you’re unable to get a mortgage because lenders are usually less inclined to lend those who are older.
Thousands of people over 50 can afford a mortgage yet the industry doesn’t recognise their wealth of life experience and refuses to lend to them. However, we’re working with a lender who specialises in mortgages for over 50s.
Term Interest Only Mortgage
A term Interest Only mortgage is for borrowers aged 50 or over who are still working or have already retired. You can choose the terms from 5 years up to 30 years. This type of mortgage is a good solution for borrowers looking to stay in their property in the short term before downsizing.
Retirement Interest Only Mortgage
Retirement interest only mortgage is for borrowers aged 55 or over, those who are still working or have already retired. This type of mortgage has no end date, the interest is paid each month until the property is sold – typically when you or your partner passes away or when you move into long term care.
An interest only mortgage may help people to:
The purpose of this blog is to provide technical and generic information and should not be interpreted as a personal recommendation or advice.