Ask Your Question
If you have a burning question about personal finance why not post it in the comments below – we’ll do our best to give short answers to as many as possible!
If you have a burning question about personal finance why not post it in the comments below – we’ll do our best to give short answers to as many as possible!
I’m 55 & my husband is 58 years old. My husband retired 8 years ago on a Bank Pension of £50K. We have no mortgage on our 5 bedroom, detached home in Cambridge, which I believe is worth about 1 million.
I would like to know if we would be able to get an ‘Interest Repayment Only’ mortgage for £250k if we put down a deposit of £25K?
If we can, what would the approx. monthly repayments be?
We do not wish to re-mortage the home we currently live in.
Thank you.
Mrs Johnson
There are lenders who will consider lending in retirement without your having to go down the Lifetime Mortgage route.
You obviously have sufficient equity in your property to support the size of borrowing required; however lenders at present at not prepared to consider Interest Only mortgages at 90% loan to value. Most lenders would; need you to be able to provide between 25% and 30% deposit for them to be able to consider a fully Interest Only mortgage.
If you would like to arrange a time discuss your requirements in more depth please do not hesitate to contact us.
Andy Fowler