Are you aged between 55-75 & a UK resident?
Has your property got a current market value of £225,000 over more?
Do you have at least £125,000 worth of equity in your home? (In London & the South East £250,000 worth of equity)
Do you earn at least £16,500 per annum?
Are you reaching the end of your current interest only mortgage term?
There is a new Over 55s Interest Only Mortgage Product (not Equity Release) that allows you to retain ownership of your home, allows you make overpayments and has the facility to be paid to be off at any time (NB: the current discharge fee is £120 in England & Wales and £180 in Scotland).
Important information to consider
As this over 55s mortgage is on an interest only basis, you are will only being paying off the interest each month, not the capital balance. Therefore as the applicant, you will be expected to make separate arrangements to repay the capital balance at the end of the new mortgage term, alternatively you may have to sell your property to repay the capital balance unless another possible repayment method is arranged and agreed.
The actual interest rates available will depend upon your circumstances. Please ask for a personalised illustration.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
A fee of £495 is payable upon completion of your mortgage. A fee only option of 1% of the loan amount, payable upon completion, is also available.
SPEAK TO US TODAY TO DISCUSS YOUR MORTGAGE REQUIREMENTS