For many pensioners, Retirement Interest Only Mortgages Halifax can be an excellent way to get money for your retirement or pay off an existing mortgage
- A retirement interest only mortgage with a free valuation
- Optional monthly interest payments from your retirement income
- An excellent alternative to lifetime mortgages
- Pay off your current interest only mortgage
- No lender fees
- No advisor fees for independent advice
- No early repayment charges
- Up to 70% loan to value
- Mortgage, remortgage, buy a second home or buy a new home
Finding help when you need a remortgage
It’s usual to find people looking for adverse credit remortgage brokers, remortgage lenders for bad credit or remortgage poor. However, home loan lenders like Halifax are keen to see paperwork to show income in the form of state benefit letters, sa302 documents or p60.
Paperwork to show income:
Secured loan lenders such as 1st Stop Home Loans, Prestige Finance or Norton Finance often accept proof of affordability with
- DWP letter
Examples of bad credit that may exclude you from a retirement mortgage
Lenders such as Paragon Personal Finance, Evolution Money or Together can often loan to people with
- county court judgements
- poor payment history
What to expect for secured loans for retirement property
It’s often cheaper to get a 2nd charge loan than a re-mortgage as the monthly repayments can be low.
- Paragon Personal Finance
- United Trust Bank
Finding very bad credit home loans:
- Cambridge Building Society
- The Mortgage Lender
- Hanley Economic Building Society
- Paragon BTL Portfolio
- Progressive Building Society
- MBS Lending
- Tipton and Coseley
Time to pay back mortgage with Secure Trust Bank
- 9 years
- 30 years
- early repayment fee
- upfront fees
- solicitors fees
Seeking guidance when it’s necessary for a secured loan
- independent broker
- UK ifa
It’s often found to find individuals looking for adverse credit mortgage lenders uk, adverse mortgage lenders or mortgages for poor credit rating however loan companies like Manchester Building Society are keen to see paperwork to show affordability in the form of p60, accounts or universal credit letters. Some bad credit homeowner loans are available up to 95% LTV (loan to value ratio), as long as your income supports the payments.
Percentages for Loan to Value
It is usual to discover individuals searching for loan to value of 80%, 65% or even as much as 95% however its hard to get 95%.
Finding help when you want a re-finance
It’s common to discover people searching for bad credit remortgages in northern Ireland, adverse re mortgage brokers or remortgages for bad credit rating however home loan lenders like Chorley Building Society are keen to see evidence of income in the form of state benefit letters, pension statements or p60s.
Charges for secured loans
- product fee
- valuation fee
- brokers fee
Mortgage lenders offer for Semi Commercial properties including for high-risk credit
- Buy to let mortgages Hanley Economic
- Offset mortgages Virgin Money PLC
- Repayment mortgages Secure Trust Bank
The lender will want to know if the property is a Semi detached freehold house or a Leasehold flat and if the occupier is an Owner Occupier Primary Residence.
Retirement Interest Only Mortgages Halifax
What is involved with these rio mortgages?
- Different from equity release but can be used to release equity
- An affordability assessment for older mortgage borrowers will ensure you can make monthly interest repayments
- Very similar to a standard interest-only mortgage
- Interest only monthly payments are very low
- You can do interest roll up if you opt to
- You must keep up repayments in a similar way to a standard residential mortgage before you enter long term care
- You may prefer to use an independent mortgage broker to look at retirement mortgages from other lenders including the Leeds building society and the Family BS
- Your means-tested benefits may be affected
- Your company pension forecast may be required
- You should also consider a lifetime mortgage or other equity release schemes
- An early repayment charge could impact you if you pay off an existing interest only mortgage
- A mortgage providers existing customers main residence interest rate for later life loans could be a better deal
How much can I borrow?
You can achieve 70% of your property’s valuation. As an example, if your house is valued at £180000 you can release £126000.
Retirement interest only mortgages calculator
Santander retirement interest only mortgages
The Halifax is a division of Bank of Scotland plc. Bank of Scotland plc is registered with company number SC327000 and is authorised and regulated.
The registered office is at The Mound, Edinburgh, EH1 1YZ. They are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 169628. financial services register
HBOS Investment Fund Managers Limited is Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 119223.
Can a retiree get an interest-only mortgage?
Yes, they can, the best retirement interest only mortgage rates are still available from the Halifax.
What is a retirement interest-only mortgage?
It is like a normal interest only mortgage where you need to prove you have enough income to service the interest payments.
What is the max LTV for retirement interest only mortgages?
The maximum loan to value is 70% for a retirement interest only fixed rate mortgage.
Can a 70 year old get an interest-only mortgage?
Yes, it’s called a Rio mortgage.
Is there an age limit on Retirement Interest-Only Mortgages?
With some lenders like the Halifax, there are no age limits.
How is a Retirement Interest-Only Mortgage repaid?
You can repay them yourself, or you can pay off the principal when your home is sold.
Who offers retirement interest-only mortgages?
You could consider Lloyds bank retirement interest only mortgages, Halifax bank retirement interest only mortgages or Barclays Bank RIO mortgages (Barclays retirement interest-only mortgage).
What are retirement interest only mortgages?
They are interest only mortgages similar to mortgages that you may have had when you were younger.
How do retirement interest only mortgages work?
They work in a very similar way to standard interest only mortgages