If you are retired and have, or will have an amount left to pay on your mortgage when your product comes to an end, you may be concerned about what to do next.
Whilst we are not advocates of Equity Release (where interest is compound) another option is a ‘retirement interest-only mortgage’, this product allows people to borrow money against their property and repay only the interest due on a monthly basis. The capital is repaid after their death, along with the fees, any remaining equity can be passed to loved ones.
There are options to allow voluntary partial capital repayments during your lifetime. This can be helpful if circumstances change, and you’d prefer to pass more of your property wealth to your children, for example.
Let us discuss the right options for you
For further information about how we can help, contact Ask About Mortgages telephone 01794 328365 – email firstname.lastname@example.org