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Mortgage & Equity Release - Call Us 0117 403 4474

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Details sort by initial rateLenderInitial rate Rate type Overall cost for comparison Product fee Monthly cost Enquire
Initial rate: 4.08%
Rate type: 5 year fixed
Monthly cost: £958.08 per month
Product fee: £699
Overall cost for comparison: 6.9% APRC
Barclays logo 4.08% 5 year fixed 6.9% APRC £699 £958.08 per month get quotes Broker Only Deal
Initial rate: 4.09%
Rate type: 5 year fixed
Monthly cost: £959.07 per month
Product fee: £899
Overall cost for comparison: 7% APRC
Barclays logo 4.09% 5 year fixed 7% APRC £899 £959.07 per month get quotes Broker Only Deal
Initial rate: 4.09%
Rate type: 5 year fixed
Monthly cost: £959.07 per month
Product fee: £995
Overall cost for comparison: 6.8% APRC
Scottish Building Society logo 4.09% 5 year fixed 6.8% APRC £995 £959.07 per month get quotes Broker Only Deal
Initial rate: 4.17%
Rate type: 5 year fixed
Monthly cost: £967.08 per month
Product fee: £0
Overall cost for comparison: 6.2% APRC
Santander logo 4.17% 5 year fixed 6.2% APRC £0 £967.08 per month get quotes Broker Only Deal
Initial rate: 4.18%
Rate type: 5 year fixed
Monthly cost: £968.09 per month
Product fee: £999
Overall cost for comparison: 6% APRC
HSBC logo 4.18% 5 year fixed 6% APRC £999 £968.09 per month get quotes Broker Only Deal
Initial rate: 4.23%
Rate type: 5 year fixed
Monthly cost: £973.11 per month
Product fee: £899
Overall cost for comparison: 7% APRC
Barclays logo 4.23% 5 year fixed 7% APRC £899 £973.11 per month get quotes Broker Only Deal
Initial rate: 4.24%
Rate type: 5 year fixed
Monthly cost: £974.12 per month
Product fee: £999
Overall cost for comparison: 6.6% APRC
Nationwide Building Society logo 4.24% 5 year fixed 6.6% APRC £999 £974.12 per month get quotes Broker Only Deal
Initial rate: 4.24%
Rate type: 5 year fixed
Monthly cost: £974.12 per month
Product fee: £995
Overall cost for comparison: 6.7% APRC
NatWest logo 4.24% 5 year fixed 6.7% APRC £995 £974.12 per month get quotes
Initial rate: 4.28%
Rate type: 5 year fixed
Monthly cost: £978.15 per month
Product fee: £999
Overall cost for comparison: 7% APRC
Halifax 4.28% 5 year fixed 7% APRC £999 £250 cashback £978.15 per month get quotes
Initial rate: 4.28%
Rate type: 5 year fixed
Monthly cost: £978.15 per month
Product fee: £999
Overall cost for comparison: 7% APRC
Halifax 4.28% 5 year fixed 7% APRC £999 £250 cashback £978.15 per month get quotes Broker Only Deal
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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

Mortgages for Retirement Homes

Mortgage & Bridging Loan Service For Retirement Homes

Looking for a mortgage or bridging loan solution to buy a house?

Why use our service?

  • Need to buy before you can sell - use our bridging loan service

  • Fast finance

  • Terms - From 1 month to 3 years

  • Interest rate roll up schemes

  • Whole of market service - we work directly with UK lenders

  • Lowest Rates - Access to leading deals

  • Fast turnaround - speak to us today if you need to move quickly. 5 to 7 days possible for bridging finance.

To investigate your options if you are looking at mortgage or bridging loan finance to buy a house for retirement call our finance team on 0117 403 4474 or fill in our call back form.

Mortgages And Bridging Loans For Retirement Homes

Mortgages & Bridging Loans To Finance A Retirement Home

Retirement homes tend to be offered on a rental basis; however there are some instances in which you will be able to purchase a retirement home either outright by utilising your savings, or by getting a mortgage.

However, obtaining a mortgage for a retirement home is typically troublesome and can often be made simpler by requesting specialist assistance from an expert mortgage advisor.

Buying retirement homes - the fundamentals

If you wish to purchase a property in an exclusive retirement village, housing block or development, the method by which the property is sold is probably going to be broadly the same as that of other blocks of flats – the individual flats or houses are sold on a leasehold basis.

This means that you have purchased the right to occupy the property for the period of the lease. Most leases are many decades long. The longer the lease, the better, as you will not have to worry regarding extending the lease in the future.

Once you've bought a retirement home you have to be responsible for additional charges.

These charges might include:

  • Annual ground rent that is paid to the property owner

  • A service fee every year to finance the work of the management company  – this will typically cover things like buildings insurance (you will typically be required to organise your own contents insurance), maintenance and cleanup for communal areas, grounds maintenance, and repairs to the structure of the buildings

  • Depending on the kind of retirement property you select, you may additionally encounter further charges for medical care, meals, or onsite activities

Can I get a retirement home with a mortgage?

Some mainstream mortgage lenders won't lend to borrowers over a particular age, or will stipulate that the mortgage be paid off by a fixed age. However, there are a number of specialist mortgage brokers who can supply mortgages to individuals on repayment terms that go up to the age of 110.

Despite this, obtaining mortgages for retirement homes may be a troublesome proposition, for 2 main reasons:

Firstly, obtaining a mortgage for leasehold properties is often typically somewhat tougher than obtaining a mortgage for a freehold property, no matter whether it is a retirement home or not. As most retirement homes are offered on a leasehold basis owing to being a part of a bigger retirement complex, this might be a problem.

Secondly, a lot of mortgage lenders look for reselling potential when they are considering whether or not to supply a mortgage deal – and retirement homes have a restricted target market and thus a restricted selling potential as far as many mortgage lenders are concerned.

Find the correct retirement home mortgage deal for you

If you wish to buy a retirement home by means of a bridging loan or mortgage it makes sense to talk to a whole market adviser such as ourselves.  Our dedicated whole of market mortgage & bridging loan team will assist you to find the correct finance for purchasing a retirement home  – call us today on 0117 403 4474 or request a callback.

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