Interest Only Lifetime Mortgage

If you have a good retirement income with a sufficient monthly disposable income, you may be better off considering an interest only mortgage.

Summary

These schemes enable you to raise a lump sum from your property. They are similar to a conventional mortgage as you choose to repay the interest charged each month.

The term can be fixed at the outset to tie in with your retirement plans.

As you have chosen to make monthly payments, the balance will therefore remain the constant throughout the term of the plan.

Advantages

  • If you retire early, you can use these plans to delay the ‘roll-up’ effect until later in life
  • Greater choice of products as we also have access to the whole of the mainstream mortgage market
  • A fixed rate can be selected over a number of years to coincide with retirement plans
  • The balance will remain at the same level throughout the term
  • Beneficiaries will know the exact amount to be repaid to the lender at the end of the plan

Disadvantages

  • Some schemes will rely on your income to determine the initial amount borrowed
  • You need to keep up the future monthly repayments for the plan term
  • Your future income levels may change & repayment difficulties may arise
  • Loss of a partner, may result in having to make repayments from your own income

 

This is a Lifetime Mortgage scheme. To understand the features and risks, ask for a personalised illustration.



Copyright © 2024 Protego Mortgage Planning Ltd. All Rights Reserved

Protego Mortgage Planning Ltd is authorised and regulated by the Financial Conduct Authority and is entered on the FCA register (www.fca.org.uk/register) under reference 920411.

Protego Mortgage Planning Ltd is registered in England under company number 12333131. 

Registered (& Trading) Office: 17 Bull Plain, Hertford, SG14 1DX.

To view our Privacy Policy please click here.

To view our Cookies Policy click here.

If you wish to register a complaint, please contact us either in writing, by telephone or email. A summary of our internal complaints handling procedures for the reasonable and prompt handling of complaints is available on request and if you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service at www.financial-ombudsman.org.uk or by contacting them on 0800 023 4 567.

The guidance provided within the website is subject to UK regulatory regime and therefore primarily targeted at consumers based in the UK.