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Mortgage & Equity Release - Call Us 0117 403 4474

0.92% APR 

  • Fixed for 28 months
  • 60% LTV - Interest only option
  • Overall cost for comparison 3.20%

Representative Example: 

Mortgage of £180,000 on property valued at £300,000 over term of 25 years.

Rate fixed for 28 months after which reverts to the RBS variable rate of 3.59%.

Call RBS on 0800 068 7706

1.03% APR

  • Fixed for 64 Months
  • 60% LTV - Interest Only
  • Overall cost for comparison 2.60%

Representative Example: 

Mortgage of £180,000 on property valued at £300,000 over term of 25 years.

Rate fixed for 64 months after which reverts to NatWest variable rate of 3.59%.

Call NatWest FREE on 0800 068 8567

3.64% APR 

  • Fixed for 26 months
  • 95% LTV - £500 CASHBACK Offer!
  • Overall cost for comparison 3.30%

Representative Example: 

Mortgage of £100,000 on property valued at £200,000. Term of 25 years.

Rate fixed for 26 months then reverts to variable rate of 4.34%.

Call Virgin Money FREE on 0330 057 1528

Details sort by initial rateLenderInitial rate Rate type Overall cost for comparisonMax LTVProduct feeMonthly cost Enquire
Initial rate: 0.92%
Rate type: Fixed 27 months
Monthly cost: £559.89 per month
Max LTV: 60%
Product fee: £999
Overall cost for comparison: 3.2% APRC
Barclays Mortgage logo 0.92% Fixed 27 months 3.2% APRC 60% £999 £559.89 per month get quotes Call us0117 403 4474 Broker Only Deal
Initial rate: 0.92%
Rate type: Fixed 27 months
Monthly cost: £559.89 per month
Max LTV: 60%
Product fee: £995
Overall cost for comparison: 3.2% APRC
NatWest logo 0.92% Fixed 27 months 3.2% APRC 60% £995 £559.89 per month get quotes Call direct0800 068 8567
Initial rate: 0.92%
Rate type: Fixed 27 months
Monthly cost: £559.89 per month
Max LTV: 60%
Product fee: £995
Overall cost for comparison: 3.2% APRC
NatWest Int Sols logo 0.92% Fixed 27 months 3.2% APRC 60% £995 £559.89 per month get quotes Call us0117 403 4474 Broker Only Deal
Initial rate: 0.92%
Rate type: Fixed 26 months
Monthly cost: £559.89 per month
Max LTV: 60%
Product fee: £1,499
Overall cost for comparison: 3.9% APRC
Platform logo 0.92% Fixed 26 months 3.9% APRC 60% £1,499 £559.89 per month get quotes Call us0117 403 4474
Initial rate: 0.92%
Rate type: Fixed 27 months
Monthly cost: £559.89 per month
Max LTV: 60%
Product fee: £995
Overall cost for comparison: 3.2% APRC
Royal Bank of Scotland logo 0.92% Fixed 27 months 3.2% APRC 60% £995 £559.89 per month get quotes Call direct0800 068 7706
Initial rate: 0.94%
Rate type: Fixed 27 months
Monthly cost: £561.24 per month
Max LTV: 60%
Product fee: £999
Overall cost for comparison: 3.2% APRC
HSBC logo 0.94% Fixed 27 months 3.2% APRC 60% £999 £561.24 per month get quotes Call us0117 403 4474
Initial rate: 0.94%
Rate type: Fixed 24 months
Monthly cost: £561.24 per month
Max LTV: 60%
Product fee: £999
Overall cost for comparison: 3.3% APRC
Nationwide BS logo 0.94% Fixed 24 months 3.3% APRC 60% £999 £561.24 per month get quotes Call us0117 403 4474 Broker Only Deal
Initial rate: 0.94%
Rate type: Fixed 27 months
Monthly cost: £561.24 per month
Max LTV: 60%
Product fee: £995
Overall cost for comparison: 3.2% APRC
NatWest logo 0.94% Fixed 27 months 3.2% APRC 60% £995 £561.24 per month get quotes Call direct0800 068 8567
Initial rate: 0.94%
Rate type: Fixed 27 months
Monthly cost: £561.24 per month
Max LTV: 60%
Product fee: £995
Overall cost for comparison: 3.2% APRC
NatWest Int Sols logo 0.94% Fixed 27 months 3.2% APRC 60% £995 £561.24 per month get quotes Call us0117 403 4474 Broker Only Deal
Initial rate: 0.94%
Rate type: Fixed 27 months
Monthly cost: £561.24 per month
Max LTV: 60%
Product fee: £995
Overall cost for comparison: 3.2% APRC
Royal Bank of Scotland logo 0.94% Fixed 27 months 3.2% APRC 60% £995 £561.24 per month get quotes Call direct0800 068 7706
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Representative Example:

A repayment mortgage of £120,000 payable over 28 years and 1 month initially on a fixed rate for 2 years at 1.99% and then on the lender current variable rate of 3.69% (variable) for the remaining 26 years and 1 month would require 24 monthly payments of £465.20 and 312 monthly payments of £565.39 and one final payment of £565.19.

 

The total amount payable would be £189,357.67 made up of the loan amount plus interest (£68,161.67), booking fee (£999), completion fee (£30) and valuation fee (£197).

 

In this example the overall cost for comparison is 3.7% APRC representative.

 

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT

How to get an interest-only mortgage in retirement up to age 85

Many standard mortgages only allow you to borrow up to the age of around 65-75. However, a number of lenders offer specialist products aimed at older borrowers looking to keep a mortgage well into retirement. Several of these will allow you to borrow on an interest-only basis up to age 85.

Whether you can get this kind of mortgage will depend on a number of factors, so it’s a good idea to familiarise yourself with the requirements of interest-only retirement mortgages for those up to the age of 85 before starting an application.

Do you qualify for an interest-only retirement mortgage?

The exact lending criteria for mortgages varies between providers, but there are several things which will make it more likely that you will be accepted for an interest-only mortgage up to the age of 85.

These include:

  • Income from pensions and any other eligible sources high enough to cover the monthly payments
  • A strong credit history
  • Being up-to-date with all of your payments on your current mortgage

If you have not yet retired, you will need to provide details of your pending retirement to lenders.

They will generally need to know:

  • The date you intend to retire
  • The current value of your pension pot
  • Your expected monthly income in retirement
  • Proof of any additional income e.g. from shares or rental properties

How much can you borrow with an interest-only retirement mortgage?

Most lenders will allow you to borrow up to around 50-60% of your home’s value as an older borrower, compared to as much as 95% for younger borrowers. You must therefore factor this in when looking at how much you need to borrow and considering whether it may be worth downsizing.

It is also worth bearing in mind that mortgage terms tend to be shorter for these types of mortgages, with 5-15 years being typical.

Applying for an interest-only mortgage up to age 85

Many interest-only retirement mortgages are only available from specialist lenders, although a number of high street lenders do also provide mortgages for those up to age 85. It is therefore a good idea to use a broker when applying for this kind of mortgage.

A mortgage broker will have access to the specialist lenders who do not deal direct with the public and will also be able to compare these against mortgages offered by high street lenders. That way you know you are seeing mortgage deals from across the whole market, giving you the widest possible choice.

A mortgage broker will also be able to speed up the application process and help you avoid any pitfalls which could hold up or entirely derail your application.

Interest-only equity release mortgages

Many older borrowers are interested in unlocking the equity in their homes to give themselves a more comfortable retirement.

An equity release mortgage can allow you to raise capital to pay off an existing mortgage, pay for home improvements, fund unexpected costs or provide additional money to support your retirement.

An interest-only equity release mortgage is usually only repaid when your home is sold, normally when you move into a care home or pass away. The rates on equity release mortgages can be relatively high, however, so it is strongly advised that you seek guidance from a regulated financial adviser before taking out this kind of mortgage.

Find the best deals on interest-only mortgages in retirement up to age 85

Choosing the right retirement mortgage for you can be challenging, which is why we offer a friendly, expert mortgage broker service to help make the process much easier. With access to all the leading specialist and high street lenders, we can find you the very best deal on your retirement mortgage.

To find out more about getting an interest-only mortgage up to age 85, call Fair Mortgages today on 0117 313 7780 or use our simple contact form to get in touch.

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