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REPLACING YOUR INTEREST ONLY MORTGAGE

replace interest only mortgage

  • Is your mortgage ending?

  • Are you in a position where you have been very happy for many years paying off an Interest Only mortgage on your home?

  • Is the end of the term is looming?

  • Do you need to look at your end of term options?

  • Is your lender demanding their money back?

  • Are you unable to extend or re-negotiate a new Interest Only mortgage, even though you can still make the repayments?

  • Is your current mortgage too costly too maintain?

  • Can you not get a conventional mortgage due to bad credit?

  • Are you over 55 and your age is a reason for being refused a mortgage?

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WELL DON’T WORRY as many, many people are finding themselves in this position and as it happens this is one of the main reasons that many over 55's take out Equity Release or a Lifetime Mortgage.

 

People come to us saying that they do not want to move from the family home, well not for a few years yet anyway, but their Interest Only mortgage provider, who are usually the biggest high street banks and building societies are demanding their money back or saying that there is a risk of repossession!!!

 

This shift in the last few years by Interest Only mortgage providers has been due to the Mortgage Market Review carried out by the Financial Conduct Authority and as such the lenders now have to prove affordability of such loans in many more ways than ever before.

 

This means that many, many people cannot even go to a new mortgage lender and start a new plan, despite having never missed any mortgage payments and feeling that their payments will always be affordable.

 

At Viva Retirement Solutions we will look at your situation and will advise if a Lifetime Mortgage, Equity Release or Retirement Interest Only (RIO) plan can be used to replace your Interest Only mortgage and allow you to stay in the family home.

 

We hear you say “But we want to keep making Interest Only payments and want to maybe downsize in the future” -  WELL YOU CAN

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Take the next step and find out more by requesting our FREE brochure.

LIFETIME MORTAGE 
(no payments needed)

  • For home owners 55 and over.

  • You retain full ownership of your house.

  • No repayments are required (instead they can be added to the loan).

  • Can have access to further funds in the future.

  • Interest rate is fixed.

LIFETIME MORTGAGE
(payments allowed)

  • For home owners 55 and over.

  • You retain full ownership of your house.

  • You can usually repay up to 10% of loan each year if you wish.

  • Can have access to further funds in the future.

  • Interest rate is fixed.

RETIREMENT INTEREST ONLY MORTGAGE (RIO)
(payments must be made)

  • For home owners 55 and over.

  • You retain full ownership of your house.

  • You must repay the interest only element every year.

  • Cannot have access to further funds in the future.

  • Interest rate may not be fixed.

COMPETITIVE FEES

  • We offer Award Winning Advice at only £995.

  • Payment on on completion only, no upfront costs.

  • We are one of the most competitive Advice Fees in the marketplace.

  • Our nationwide equity release advisers are waiting for your call.

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