Shawbrook launch 55 plus interest only mortgageMake Text Bigger
The Financial Conduct Authority (FCA) have estimated that 600,000 home owners will have their interest only mortgages come to the end of their term requiring repayment before 2020 and that nearly half will have a shortfall and approximately one third will have to find £50,000 or more to repay this shortfall.
Therefore, many customers, especially those over 55, will be faced with either selling their family home or using their pension pots and other investments to make up the difference.
The 55 Plus Interest-Only mortgage offers the opportunity to stay in the family home for up to an additional 15 years and keeping savings in place for longer. For added flexibility, additional payments or full repayment off the balance of the mortgage can be made at any time.
Additional funds which can also be used for almost any purpose.
Basic eligibility criteria include:
- Main income earner must be aged between 55 and 75
- Minimum income for main income earner must be £16,500 per annum
- Minimum value of the property must be £185,000
- Minimum equity in the property must be £125,000 or £250,000 in London and the South East
- Resident in England, Wales and Mainland Scotland
- Maximum age at the end of the term of the mortgage 85
For full details and advice Shawbrook insist you talk to a qualified broker.
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