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Retirement mortgages

woodnut
woodnut Posts: 1 Newbie
in Mortgages & endowments

I'm currently looking for a mortgage to replace an expiring interest only loan.

I'm being quoted interest rates of 8% for RIO and 9.4% for equity release via age partnership. Can I contact other brokers, or will they be the same?

Comments

  • kingstreet
    kingstreet Posts: 39,514 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic

    Speak to other brokers with the extended lifetime permissions and see what they can offer. There's no way of telling if what you're being offered is good, bad or indifferent without knowing a lot more…

    I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.
  • kingstreet
    kingstreet Posts: 39,514 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic

    FWIW we did a RIO last week @ 5.99% for a purchase sub-60% LTV three year fix.

    I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.
  • MWT
    MWT Posts: 11,290 Forumite
    10,000 Posts Sixth Anniversary Name Dropper
    https://forums.moneysavingexpert.com/discussion/6681650/retirement-mortgages

    Those rates look high, have you asked for any special features like no ERC or does the property have spray foam or an unusual construction method for example?

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