With property prices increasing, first-time buyers are often having to wait until their thirties before they buy their first home. They are often struggling to save enough for their initial deposit.
Lenders are aware of this and are also willing to offer deals over longer periods to help first-time buyers meet the monthly repayments.
Additionally, lenders are relaxing their lending rules, allowing terms to run past the traditional retirement age. Many lenders have now extended their mortgage age to 80 or have no maximum age at the end of the mortgage term.
Some lenders are targeting older borrowers as they look to release the cash built up in their homes. These retirement interest-only mortgages known as RIO’s are slowly becoming more popular. The loan is secured against your home. You only pay the interest and the debt remains the same and is repaid when the property is sold.
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You can review the current best buys from our website which is updated daily. Remember the lowest rate is not always the most suitable mortgage for you.
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So, if you have any thoughts or comments on this article, “Paying off your mortgage in retirement.”, then we would love to hear your thoughts.
AS A MORTGAGE IS SECURED AGAINST YOUR HOME, IT COULD BE REPOSSESSED IF YOU DO NOT KEEP UP THE MORTGAGE REPAYMENTS.