Retirement Interest Only Mortgage

Retirement Interest Only Mortgage throughout Scotland

The Retirement Interest Only Mortgage helps mature borrowers with an alternative way of raising funds without selling your home or having to make large monthly capital repayments.

The benefits are:

  • It may help you choose the lifestyle you want in retirement
  • It gives you the option to release funds to make improvements to your home
  • It is a way of helping family members out with money to buy their first home, pay for their dream wedding of pay universit y fees or loans
  • It can close the gap left by a standard interest Only Mortgage
  • With this type of mortgage, when the property is eventually sold the loan is repaid and the remaining equity stays with the family

Money Sense Matters

Money Sense Matters

Who qualifies?

  • Anyone over the age of 55 who meets the lenders affordability criteria which permits them to make payments now and in the future.
  • Unlike standard interest only mortgages there is no set end date for settlement of the loan, borrowers pay monthly mortgage interest until they sell their home, go into long term care or pass away. At this point the loan is repaid by selling the property.

As a mortgage is secured against your home or property, it may be repossessed if you do not keep up the mortgage repayments

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