Are you a Baby Boomer with
an Interest Only Mortgage?
There are alternatives to paying off your
interest only mortgage when the term ends...
Your home may be repossessed if you do not keep up repayments on your mortgage.
Mortgage debt is not such a bad thing, providing you have the income and/or assets in retirement to continue making the interest payments. Unfortunately, most lenders want their money back as you come to the end of the term which is usually set near to or at retirement. Meaning whether you can comfortably afford to continue paying past your retirement age, is moot.
However, not all lenders are the same. We have access to several specialist lenders who will allow you to have an interest only mortgage up to age 95, subject to certain criteria being met. This is a mortgage, not equity release, so normal mortgage terms apply, meaning you will have monthly interest payments to make and at the end of term a balance to be repaid.
Use your hard-earned capital to pay off the debt if you wish, but at least be aware that you could have options. A mortgage debt might also be a useful way to mitigate an inheritance tax liability, if appropriate.
Please register to record your interest and download a sample brochure if you would like to know more.
Register your interest today!
Register your interest and download "An Introduction to the 55+ Mortgage" brochure (PDF), an example of one of the products we can access.
Want to speak with someone now? Contact the Charles Derby Mortgage Bureau help desk on freephone 0330 094 5476 and ask to speak with Roger Lane, Tony Nunn or Peter Matthews.
Office hours: Monday to Friday, 9am to 5pm
Complete the enquiry form & download PDF
Please note the '55+ Mortgage' product is only available via intermediaries of Hodge Lifetime.