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.
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. With over 25 years of experience, we know that every situation is different and we’re committed to providing advice tailored to you. We’re here to guide you every step of the way, making the process as smooth and stress-free as possible. And the best part? Our advice is free unless you choose to go ahead as the fixed advice fee of £1,699 is only payable when your equity release plan is set up. This means you can explore your options without it costing you a penny.
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.
28 Get advice today 0800 953 3743
Get advice today 0800 953 3743 29
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