Senior mortgages

We do not offer facilities in this area.Please ensure that you take completely independent legal advice whne considering a transaction of this nature.

Up until recently mortgages were generally not available for individuals over 60.

A number of lenders now offer facilities to older people enabling them use some of the equity they have built up in their home. Equity release schemes are not suitable for everybody but they may help relieve financial stress or provide funds for life style improvement without having to sell your home.

The products offered generally have the following features.

1. There is no repayment required until the house is sold, or the owners have left the house or the owners have died.

2. The level of loan is usually in the region of 10% to 40% of the house value.

3. Mortgages can be drawn in stages so that you only pay interest on money borrowed and you don't over borrow ending up paying mortgage interest on one side and receiving low deposit interest on the other.

4. Interest rates are generally approximately 2% higher than standard mortgage rates. As a guide rates in March 2008 are approx 7% compared to a standard mortgage rate of 5%

5.As there are no repayments required until the house is sold or the occupiers move out or pass away ,interest can clock up quite quickly . A mortgage at 7% will approximately double every 10 years. So a loan of 100,000 taken out in year 1 will have grown to 200000 by year ten .