We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Very long term loans into retirement
getmore4less
Posts: 46,882 Forumite
We often get requests or loans into retirement.
Stumbled across a lender that does something that might be a fit for some people.
This is with KRBS and before we go any further they do not have the best rates with a SVR of 6.8% so this is not a cheap option but may still work for some people if they have the income to cover the loan but want the capital.
The 5 yearly review means you always have to consider that the facility to extend the term could be withdrawn(no mention of cost for each review).
they do make the point thta this is not a lifetime loan.
http://www.krbs.com/products/mortgages/residential-mortgages/inter-generational-mortgage-option/
Some of the points from the link.(read the rest if of potential interets)
The inter-generational mortgage option is available on all our mortgage products unless stated otherwise and where the loan represents no more than 75% of the value of the property. The option gives you control to decide when you repay your mortgage.
Irrespective of the mortgage term you may exercise the inter-generational mortgage option. Under this option at each five year anniversary of the loan we will write to you to invite you to review your own financial position.
If you believe your loan arrangements are still appropriate to your circumstances then you will be able to extend the original mortgage by five years from that date subject to your ability to service the loan and our underwriting criteria at the time. You can do this as many times as you like.
........
Stumbled across a lender that does something that might be a fit for some people.
This is with KRBS and before we go any further they do not have the best rates with a SVR of 6.8% so this is not a cheap option but may still work for some people if they have the income to cover the loan but want the capital.
The 5 yearly review means you always have to consider that the facility to extend the term could be withdrawn(no mention of cost for each review).
they do make the point thta this is not a lifetime loan.
http://www.krbs.com/products/mortgages/residential-mortgages/inter-generational-mortgage-option/
Some of the points from the link.(read the rest if of potential interets)
The inter-generational mortgage option is available on all our mortgage products unless stated otherwise and where the loan represents no more than 75% of the value of the property. The option gives you control to decide when you repay your mortgage.
Irrespective of the mortgage term you may exercise the inter-generational mortgage option. Under this option at each five year anniversary of the loan we will write to you to invite you to review your own financial position.
If you believe your loan arrangements are still appropriate to your circumstances then you will be able to extend the original mortgage by five years from that date subject to your ability to service the loan and our underwriting criteria at the time. You can do this as many times as you like.
........
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.9K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.2K Spending & Discounts
- 246.9K Work, Benefits & Business
- 603.5K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards