Retirement mortgages

Our retirement mortgage range allows flexibility for borrowers in later life with an interest only mortgage that allows downsizing as the repayment vehicle.

For those looking to borrow into retirement, we understand there is a lot to consider. The Building Societies Association have produced a helpful guide for older borrowers providing information on the types of options available and things to consider.

All applications will be individually assessed by a skilled underwriter giving an efficient and personal service.
 

Product Criteria

• Interest Only subject to sale & downsize of main UK residence as repayment strategy
• Minimum equity £250,000 (without geographical restriction)
• We can consider cases below this level if other assets are in place or if it is appropriate to the geographical area. Subject to Underwriter assessment
• Examples of property available for downsizing to in planned retirement area required
• Evidence of retirement income required
• Minimum loan size £30,000
• Maximum loan size £1,000,000. Loans over this are priced on a bespoke basis and have restricted LTV’s
• Must not be more than 5 years from retirement
• Maximum term determined by ONS tables

The interest rate charged will not fall below 2.00% (the minimum interest rate) at any point during the mortgage.