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Retirement Interest Only Mortgages

Border Mortgage and Insurance Services

Retirement Interest Only Mortgage for the Over 50’s

FYI example below.

I ran some figures for clients for a Retirement Lifetime Interest Ony Mortgage.
 
I looked at them borrowing £100,000. The term has no end date.
 
The details are as follows:-
 
Amount and currency of the loan to be granted: £100,000.00
The mortgage loan will be repayable in full upon a sale of the Property and the mortgage will only be released if all sums due to us are repaid in full. The mortgage loan will also be repayable upon the first of the following events to occur (i) you have left the Property to live elsewhere, with no reasonable prospect of returning to the Property as your main residence (for example, by moving into a residential care home) or (ii) you die. If you have left the Property to move into a residential care home and have not returned within 365 days you will be presumed to have no reasonable prospect of returning (unless medical evidence is to the contrary). Where there is more than one Borrower items (i) and (ii) apply to the last Borrower residing at the Property. For the purposes of illustration it has been assumed that the loan will be repaid after 28 years.
 
Interest: the interest rate applicable to your loan will be fixed at 6.23% for the duration of the loan.
Monthly payment is £520.
Costs to be paid on a one-off basis:
Valuation fee £0.00
Product fee £0.00
Credit Intermediary fee £200.00 paid to Border Mortgage Services on application.
Mortgage Exit fee £100.00 payable to the lender when the Mortgage ends
 
Please get in touch if this is something you would like advice on!

julie@borderms.co.uk

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