Later life
We understand your needs with opportunities for later life.
We understand your needs with opportunities for later life.
After years of working hard to make monthly repayments, your home is likely to be your biggest asset, particularly if you have benefited from an increase in house prices over the last few decades. The value of your home, minus any outstanding mortgage and any other loans secured against it, is referred to as equity.
This equity is often passed on as an inheritance, however an increasing number of people are tapping into some of this wealth to help boost their retirement finances. It’s not suitable for everyone, which is why it’s important to get expert equity release advice before you make a decision.
Retirement Interest Only Mortgage
A retirement interest only mortgage (RIO) is a mortgage that allows you to pay off only the interest on the amount borrowed. The loan is then repaid when the plan comes to an end, which occurs when you (or the last remaining applicant) either pass away or move into long term residential care. RIOs are typically available to people over the age of 55 who have retired.
Later Life Residential Mortgages
If you thought you were too old for a standard mortgage or can’t find a conventional one to meet your needs, we can help you explore your options. Later life residential mortgages can be used to buy a new property, remortgage an existing one, or release additional funds. It can be on a capital repayment or interest only basis.
Or arrange a consultation at our Chard branch
01460 298 022 Email us now