Hodge, the later life Lending specialist has today announced it’s 55+ interest only residential mortgage will be available in Scotland from 4th September.
The mortgage, available to customers age 55-95 has a maximum LTV of 60% and offers a choice of 2 yr discounted and 2/5 year fixed rates from 2.99%, available for both purchase and re mortgage, affordability is based on income pre and post retirement including employed, self- employed, rental, investment and pension.
The 55+ also features free standard re mortgage legals, a free valuation for property to the value of £350k and the option to repay capital of up to 10% per annum from day 1, this additional payment is entirely optional and can be done on an ad hoc basis to suit the client’s circumstances.
Steve Cox, business development director for Hodge Lifetime said ‘we have seen huge growth in the later life Lending sector and the popularity of our interest only mortgage continues to grow with advisers and customers alike. Now is the right time to widen availability of this product into Scotland to help older borrowers north of the border. The market continues to be fuelled by interest only maturities from the high street as well as those older customers who can still meet affordability who want to borrow into later life at affordable rates. We will be running workshops for advisers in September and October centred around all aspects of Later Life Lending, details of which will be released soon.’
The 55+ mortgage is the latest innovative product targeted at over 55 borrowers from Hodge Lifetime, unlike it’s other popular offerings the 55+ is not equity release. As an interest only residential mortgage it can be recommended by advisers who hold a relevant mortgage advice qualification, providing a flexible alternative to downsizing.