Low Rate Mortgages For Pensioners.
Release Equity Or Extend Your Mortgage Term.
Interest Only & Repayment Mortgages.
All Income, Ages & Credit Ratings Considered.
Just because you are retired or semi-retired it does not necessarily mean that you cannot get a new mortgage or remortgage. Mortgage plans have evolved over the years to cater for an ever increasing population of mature clients who are pensioners or semi-retired. Modern lending plans are available for clients over 60, 65 or even 75. Perhaps you have an interest only mortgage you wish to repay / extend or are looking to utilise your equity to release some capital? These are just a few examples of situations we have already come across and arranged solutions for.
To get the facts and figures for your scenario via a free, confidential quotation call our UK based mortgage team on 0800 298 3000 (freephone) or 0333 003 1505 (mobile friendly). Alternatively fill in our short on line enquiry form and we will contact you at your convenience.
Don`t leave it too long, utilise our 30 years of expertise to realise your goals.
Having a mortgage to pay off once you retire isn`t ideal as there are much fewer deals available and you don`t want to be making major home repayments when you`re meant to be enjoying your golden years. Fortunately, First Choice Finance is on hand to relieve the burden.
It used to be the case that most people had paid off their mortgages by the time it came to retirement, but that`s not necessarily the case any more as now, homeowners are more likely to take out deals later in life and some of these are interest-only mortgages or lifetime mortgages.
As a result, more than half (52 per cent) of people claiming Support for Mortgage Interest are retired, according to figures from the Department for Work and Pensions.
There are ways to avoid the need for this though, with downsizing being one option. That way, you can sell up and use the equity in your home that belongs to you to purchase a smaller property. However, many people don`t like the idea of being forced to move from their home of many years.
Getting a lifetime mortgage may be a more appealing prospect, as it will let you release equity without having to move out of your house. Instead, the money can be as you wish. If you have a decent income level you could even opt for an interest only lifetime mortgage meaning that you can stop the capital balance growing by paying the interest every month.
Rather than have to make capital mortgage repayments on this loan, you`ll be able to stay in your home until you die or move into full-time care, at which point the property is sold to pay off the mortgage balance and any equity left over is paid into your estate.
It can be tricky getting any kind of mortgage when you`re a pensioner, so it`s best to seek advice. If you are a pensioner looking for an interest only mortgage, a remortgage or a lifetime mortgage then discover more about how we can help by visiting firstchoicefinance.co.uk or by giving us a call from a landline it`s 0800 298 3000 or from a mobile it`s 0333 003 1505.
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Established In 1988. Company Registration Number 2316399. Authorised & Regulated By The Financial Conduct Authority (FCA). Firm Reference Number 302981. Mortgages & Homeowner Secured Loans Are Secured On Your Home. We Advice Upon & Arrange Mortgages & Loans. We Are Not A Lender.
First Choice Finance is a trading style of First Choice Funding Limited of The Old Courtyard, 103 Buxton Road, High Lane, Stockport, Cheshire. SK6 8DX. Copyright protected 2014-2018.