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Lifetime Mortgage
Paqman
Posts: 5 Forumite
I have a lifetime mortgage (due to personal circumstances) which is coming up to review and I am looking to get the best deal of the same product. I am 67 and have a guaranteed income for the rest of my life and the paying is not a problem. I could not at this time of life take on a normal repayment one.
My question : does anyone know of what Mortgage lenders are still offering this kind of product. If not I will have no alternative but to remain with my existing lender.
My question : does anyone know of what Mortgage lenders are still offering this kind of product. If not I will have no alternative but to remain with my existing lender.
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Comments
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What is your understanding of, as you say, a lifetime mortgage?I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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Yeah, you seem to be very confused?poppy100
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What I mean is the mortgage I have at present is an Interest Only one and because of my age I cannot take on a full term. This is called "A Lifetime Mortgage" as I will never pay off the amount owed and the Mortgage Company have 1st Charge on my property so when I pass away they take their amount out of the estate then the rest goes to my children.I have no problem with this as I as said a Guaranteed income and only owe less than half of the market value of the house.Also I am not to worried about paying off the capital.0
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