We also consider your suitability for other later life mortgage options such as: Later life residential mortgage
Like a conventional residential mortgage that you will probably have already had. With this option, we can find specific lenders that offer repayment terms well into your later life. Retirement interest-only mortgages (RIO) This is an interest only mortgage where the capital is only repaid when the last borrower dies or enters long- term care and the property is typically sold to repay the loan. This choice is for those aged at least 55 who are happy paying the interest only so that the amount owed doesn’t increase over time.
Remember a mortgage is a loan secured against your home. Your home may be repossessed if you don’t keep up repayments. Credit and affordability tests apply. Each option has its own benefits and drawbacks. Our expert advisers will discuss all your options with you in detail as part of our advice process. There’s no selling, just advising – if these products are not right for you, we’ll tell you.
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