What options are available for a “Remortgage in Retirement”?

If you have a client over the age of 55 looking for a remortgage there’s lots of options available dependent on what exactly they’re looking for, here’s some of our most popular;

  • Remortgage their existing interest only mortgage
  • Want to remortgage onto interest only with plans to downsize in the coming years
  • Would like to extend their existing mortgage term beyond age 85
  • Want to switch to a Retirement Interest Only mortgage
  • Remortgage and release money to support their children/ grandchildren onto the property ladder

For client’s over the age of 55 we have two main lending solutions, our Older Borrower range which is available on repayment or interest only and has a mortgage term up to the age of 92 or Retirement Interest Only (RIO) which is an interest only product repaid on a life event.

Remortgage for RIO

What do you need to know?

  • Available up to 50% LTV
  • Fee assisted legals available for remortgage
  • 3 year fixed rate product at 3.49%
  • Minimum loan £30,000
  • Both applicants are to be able to afford the mortgage

Older Borrowers

What do you need to know?

  • Available up to 60% LTV
  • Fee assisted legals available for remortgage
  • A range of four products to choose from including 2 and 3 year fixed and discounts
  • Minimum loan £30,000
  • Affordability per application

 For more information, get in touch with our Intermediary Support Team on 01282 440583.

Retirement interest only mortgages
Older borrowers