Interest-Only Retirement Mortgages
Retirees looking for mortgage options might assume that their choices are limited - but regardless of your age, Revolution Brokers works with a vast network of reputable lenders, offering a huge number of interest-only mortgages for UK retirees.
A retirement interest-only mortgage is an excellent way to remortgage to take advantage of competitive market rates or release capital from the equity held in your property to enjoy retirement in style.
Here we'll run through the vital information about interest-only mortgages past retirement. For more information, or to get started with an application, get in touch with Revolution Brokers on 0330 304 3040 or drop a message to [email protected].
Is a Retirement Interest-Only Mortgage Right for Me?
Most lenders offering this sort of product make it available to applicants over the age of 55. Otherwise, the requirements are similar to any other interest-only mortgage, and you pay the monthly interest charge without repaying the capital.
The big difference is that the mortgage doesn't have a term end date. When the homeowner passes away, sells the property, or moves into care, the outstanding value left on the mortgage is recouped from the sale of the house.
In some cases, a lender will ask for evidence of a minimum income to prove you can keep up with the monthly interest payments.
There are also other retirement mortgages available, all with pros and cons, including fixed-rate interest mortgages and variable rate products.
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2023-05-09 
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