The Sunday Times - The mortgage you can take out when you’re 79
The Family Building Society has launched a “retirement lifestyle booster” mortgage you can take out up to the age of 79.
Commenting about the equity release market, Aaron Strutt of the broker Trinity Financial, told The Sunday Times: “There has been a price war in the equity release market and rates have fallen dramatically. One of our client's rates dropped by 0.86% during the application process from the submission date in May to completion in September.
“Some lenders have improved their criteria and are becoming more flexible, allowing borrowers to make overpayments or pay the interest each month, so the debt says the same.”
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This is a lifetime mortgage. To understand the features and risks, ask for a personalised illustration.
CHECK THAT THIS MORTGAGE WILL MEET YOUR NEEDS IF YOU WANT TO MOVE OR SELL YOUR HOME OR YOU WANT YOUR FAMILY TO INHERIT IT. IF YOU ARE IN ANY DOUBT, SEEK INDEPENDENT ADVICE.
There will be a fee for mortgage advice. The precise amount will depend upon your circumstances but we estimate that it will be £495 at application and £995 on completion of the mortgage.
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