“If you are approaching or have entered retirement there are mortgage products designed specifically for you. We can help you understand the options available – saving you time and worry.”
Ian Ward CeMAP CeRER
Director
Lending into
You have reached retirement – congratulations – all the years of hard work have come to an end and you now have the time to focus on the next stage of your life.
We know from talking to many of our clients who have reached retirement age that even though they have worked and saved and have a pension plan in place, there is still not quite enough for all the things they plan to do. Does this sound familiar?
Perhaps now that you will be spending more time at home you would like to refurbish your property. Maybe you’d love to go on that holiday you’ve always dreamed of? Or it could be that, like many other homeowners, you have had an interest-only mortgage and still need to pay off the final balance at the end of the mortgage term.
Whatever your individual circumstances, if you are in a position where you need to borrow or refinance after you have retired, the first thing to do is take advice from a qualified mortgage adviser.
You might think that you’re not eligible for a mortgage now that you have retired and are no longer working. This is not always the case however, which is why you should talk to a qualified mortgage adviser. At Willson Grange Mortgages we can arrange a free of charge consultation to talk through your circumstances. We will provide you with options based on your individual circumstances. It may be that we can help you apply for a ‘retirement mortgage’.
There will be a fee for mortgage advice. The precise amount will depend upon your circumstances but we estimate that it will be £595.00 To understand the features and risks ask for a personalised illustration.
A retirement interest only mortgage is very similar to a standard interest only mortgage, but with some differences.
The main part of the loan (capital) is usually only paid off when the last borrower moves into long term care or dies and you only have to prove you can afford the monthly interest payments.
Because you only pay off the interest on this type of mortgage your payments can be lower than a typical mortgage.
Much like a standard repayment mortgage you pay back both interest and capital on a monthly basis.
The main difference is that you can borrow up to a higher age than on a standard mortgage but the product is still designed to repay your mortgage in full by the end of your term.
You’ll need to be able to afford the repayments on a monthly basis.
As we find ourselves living longer, our finances also need to last longer and support our changing lifestyles.
Once you reach retirement there can still be important financial decisions to be made. Your home will usually be your main asset and it could be that you could borrow against it. There are also other ways that you could raise money so it is worth taking the time to speak to a professional before making any decisions. At Willson Grange Mortgages we are equity release and later life lending specialists. We have helped other retired clients fund their plans and we can help you too. Get in touch with us today and arrange a free of charge consultation with one of our independent and experienced mortgage advisers.
Get in touch with our team of experts
✓ Independent, whole of market mortgage advice
✓ Experienced, qualified Mortgage Advisers you can trust
✓ Free of charge initial consultation to discuss your mortgage needs
✓ Excellent customer service proven by client testimonials
✓ Experts in many different types of property finance
✓ Access to intermediary-only mortgage products
✓ Saves you time sourcing and arranging the mortgage
✓ We help complete all the paperwork and online forms
✓ You receive regular updates on the progress of your application
✓ We are members of the Equity Release Council