30/05/2018 by Desmond O'Hara CeMAP CeRER 0 Comments
A residential retirement interest-only product with no end date, set term OR maximum age limit
This latest mortgage enables interest-only payments to be made until the customer dies or goes into long term care with the capital being repaid at that point.
This mortgage is launched in direct response to the Financial Conduct Authority’s (FCA) relaxation of rules on lending to older borrowers. As a result of the changes; the retirement interest-only market is expected to see significant development. It will be available from 11 June 2018 through Lifetime Mortgage Solutions and requires no minimum amount of equity to be held in the property. Borrowers should regularly review their situation with their Lifetime Mortgage Solutions’ adviser to ensure they have the most appropriate products for them.