Are you a homeowner over 50 and reviewing your mortgage options?
Whether you’re over 50 and looking for a mortgage or if your mortgage term takes you in to retirement age, we can help find the right mortgage solution for you.
We specialise in mortgages and can handle the entire mortgage process on your behalf, leaving you time to concentrate on the fun things in life.
Why an over 50’s mortgage could work for you
There are a variety of circumstances when an over 50’s mortgage could be suitable for your situation:
What mortgage products are available?
There are three main types of mortgages that could work for the over 50’s age group. We would spend time understanding your individual circumstances before discussing the options that could work best for you.
Mortgage lenders are lengthening their terms so that remortgaging into your later years is becoming more commonplace. Each lender has its own rules with the important factor being able to prove you can afford the monthly repayments on the mortgage.
A RIO mortgage allows you to borrow money against your property, with the monthly repayments covering the interest only and not the loan itself. There is no set term, and the loan is repaid when your property is sold either because you’ve moved into long-term care or have passed away.
Equity release includes both Home Reversion Plans and Lifetime mortgages, and lets homeowners release tax-free cash from the value of their home with the amount you can take dependant on your age and the value of your home.
A Lifetime mortgage is secured as the first charge on your main residence. You always remain the owner. You can choose to protect some of the value of your home as inheritance for your family. You can choose to make repayments voluntarily, monthly or annually or simply let the interest roll-up and make no contribution to the interest accrual at all. The loan amount and any accrued interest is then paid back at the end of the mortgage.
With a Home Reversion Plan, you sell all or part of your home in return for a cash lump sum, a regular income or both. When your home is eventually sold, the reversion company gets their share of the proceeds of the sale. If you sold the entire property to them, they’ll get all the proceeds. If you sold part of your home, say a half, the reversion company gets that share of the proceeds, leaving the rest to go towards your inheritance.
If it is determined that this type of mortgage is the most appropriate, then we can refer you to a specialist third party for further support.
Please note that specialist financial and legal advice should be sort before proceeding. We will refer you on to a third party as Mallory Financial do not give advice on these types of products.
We can help you weigh up your options
Our advisors can get the ball rolling by carrying out a free initial consultation and chatting through your personal needs. They will then compare products from a wide variety or lenders, including those deals not available on the high street, and make suggestions related back to your situation.
The next stage of your journey starts here
We want to be there to support you, helping you make the right decisions whenever you need us.
We’ll be able to navigate the complex world of later life lending and listen to your exact situation before searching across a wide range of products and strive to help you find one that matches your circumstances, lifestyle and financial goals.
We are here for you, whenever you are ready.
Call us on 01565 874 246 or book an appointment below.
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