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Retirement interest only mortgages
Options
63_lonsdale
Posts: 1 Newbie
Has anybody up to date information on these. I understand these are run by building societies but finding it difficult to get current information on availability and who to approach.
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Comments
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Speak to a mortgage broker to ascertain your options. .0
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Most whole of market mortgage brokers and IFA firms will have someone that deals in these. So, contact a local one to you.
It is not mostly the building societies that run these. It is actually the insurance companies that dominate the market.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
For reference, I have interpreted the initial post as an equity release/lifetime mortgage.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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First time poster here. Does anyone know if I could use a retirement interest only mortgage to buy my first home? I've had to rent for many years but will be receiving a lump sum from my pension which I thought I could use as a deposit and then service the interest costs from my wife's and my pension. Thank you0
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Yes, you can use a RIO product (..or even an equity release product) to buy your first home.You will be stressed tested on your income independently as they will need to be assured that if one of you dies, the other will still have sufficient income to meet the interest payments.0
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