Lifetime / retirement mortgages .... ??

gl

Can 't find any details on the MSE mortgage pages on the topic of what we older ones can do ??

... age 65 and original "interest only mortgage" due to end in a few months ... £160000 owing .

Whilst i can afford to repay it .... i would rather not for now ... keeping that £160000 in my piggy bank can make a dramatic effect to my "lifestyle" .. ( eg it's equivalent to having an extra £10000 a year for 16 years" )..

In the first instance , have i any chance of my provider Woolwich/Barclays extending the current loan period .

If not , what options have i got of a new mortgage of the "retirement" or " lifetime" type.... that i see lots of headlines on but believe that not many have gone that route .. ?

MovingForwards

What's the property worth as equity release only lends a certain percentage of it due to the risk of falling prices.

[Deleted User]

Barclays have no upper age limit for a mortgage in theory so they may extend. In reality they may want you to pass a new mortgage assesment that will be a lot stricter than when you did it originally

There are definitely options with equity release and Retirement Interest Only mortgages (effectively lifetime mortgages)

Probably best to speak to an experienced broker. A lot of these RIO products are quite niche and new so I doubt you will find a broker that has done lots of them so just general experience should be sufficient.