Buckinghamshire BS launches an over 50s interest-only mortgage.
Home-owners who are over 50 are to gain access to a new interest-only mortgage from the Buckinghamshire Building Society.
The deal is aimed at mortgage-holders with an interest-only deal, who do not want to sell their home when their existing mortgage term expires. This product maybe of great interest to borrowers who have no interest-only repayment plan in place to pay for their home at the end of their deal.
This new Retirement Planning Mortgage has no age limit and allows home-owners to borrow up to 70% LTV with 40% on an interest-only basis. Rates are variable and start from 5.24%.
The lender advises that it has created its mortgage for those borrowers whose only means to repay their loan at the end of the term is through the sale of the property. This deal may allow the over 50s with an existing interest-only mortgage to remain in their home longer.
If you are interested in this product you are recommended to call Deal Direct. We can compare this mortgage against the wider market to compare all similar deals to get you the most competitive on offer.
We are here to find you the best mortgage for your personal circumstances and financial needs. We work solely in your interest and not on behalf of any lender.
For impartial advice and a low rate quote call an adviser today.
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