Remortgage at age 65, interest-only options?

Silverlake

Hi,

Can anyone recommend a mortgage broker experienced in later-life remortgages?

• I'm 65 and still working
• Residential interest-only mortgage now at end of term
• Low LTV / strong equity and payments up to date
• Looking to refinance via RIO / later-life lending (not high-street banks)

Ideally someone who has successfully done similar cases.

silvercar

does your current lender offer anything suitable? It would save you legal, valuation, admin fees as well as being quicker and less hassle.

Silverlake

They’ve allowed it to continue on a temporary basis and I’m still paying the interest monthly. Unfortunately they don’t have a suitable long-term option for my situation, so I’m exploring alternatives.

MWT

https://forums.moneysavingexpert.com/discussion/6657714/remortgage-at-age-65-interest-only-options

It is difficult to recommend specific advisors on this forum, but there are quite a few routes to getting the advice that is required for this type of product, and there are some lenders that will provide that 'free' and others who will only work through advisors that you will have to pay for, and those fees can range from a few hundred to a few thousand so make sure you get a full understanding of the costs when selecting an advisor/broker.

These are also long-term products often with painful early exit fees so are you planning to stay where you are permanently or is this just a step towards down-sizing in the near future?

The other thing to be aware of is that RIO products will focus more on your long-term guaranteed income as it has to be sufficient to keep paying the interest, where equity release can have no payments at all and no income requirement, but will have a more limited cap on the LTV than a RIO mortgage.

ACG

Speak to a broker, there are lenders out there. The fact you have come across the term RIO mortgage suggests you have done some research and know what you are looking for.

If you find a broker promoting that they do RIO mortgages, you should find someone experienced. We have done 2. They affect our insurance premiums so try to keep them to a minimum.