WHO ARE INTEREST ONLY LIFETIME MORTGAGES BEST SUITED TO?
Interest Only Mortgages can be ideal for homeowners aged 55 + who do not wish to see any debt increase and have sufficient income to afford monthly repayments.
They can be ideally suited to those who:-
- Who wish to extend an existing ordinary interest only mortgage but their existing lender needs it repaying.
- Wish, or need to release some money to help just one child, but wants to avoid any interest adversely affecting other children’s inheritance.
There are numerous possible alternatives to releasing equity from your home and these should always be considered. But should you decide that equity release is right, before settling on an interest only lifetime mortgage, we would suggest you also consider the following alternative schemes.