Specialist Mortgages

We can help with with Retirement Interest Only, Equity Release, Lifetime Mortgages and other specialist mortgage lending.

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Specialist Mortgages

Regarding home ownership our lives are changing and, for various reasons, more homeowners are looking to borrow into later life.

Later life lending can help with things like;

  • Supplementing income in retirement
  • Outstanding mortgage amounts at retirement
  • Assisting children or grandchildren by gifting property deposits
  • Raising lump sums for specific events

So how do the different options work?

Your home may be repossessed if you do not keep up repayments on your mortgage.

Specialist Mortgage Lending

  • An equity release mortgage is for people over the age of 55 and is usually designed to run for the rest of your life. You borrow money secured on the value of your home to give you a lump sum, a regular income, or a combination of both. You do not have to make any repayments to the lender (although some equity release mortgages allow you to do this) but interest accrues during the term of the mortgage. This is ‘rolled up’ over the life of the mortgage. The mortgage and accrued interest are repaid to the lender on the sale of your home when you die or move into residential care.

     

    To understand the features and risks associated with such products, please ask for a personalised illustration.

  • A home reversion plan allows you to sell all or some of your property to a home reversion provider. Generally the provider will offer 20% to 60% of the market value for the part you sell or for the full property. Once a plan has been agreed you can opt to receive regular payments or a lump sum. You have the right to remain in the property until you die or move to long term care, at which point the property will be sold to repay the loan and any interest. This plan also offers “no negative equity guarantee” which means you or your estate will not be liable to pay anything more should the sale of the property not repay the loan, interest and fees in full.

     

    To understand the features and risks associated with such products, please ask for a personalised illustration.

  • A lifetime mortgage is a type of equity release plan where a home owner takes out a mortgage secured on their home whilst retaining ownership. The home owner continues to live in the property and usually does not have to make any repayments, but this can be considered. You can normally borrow up to 60% of the property value although this can vary depending on the property value and your age. When you die or move in to long term care the property is sold to repay the loan plus any interest accrued over the period of the plan. One great benefit of lifetime mortgages is the “no negative equity guarantee”. This means if when the property is sold the amount does not cover the loan, interest and fees neither you or your estate will be liable to pay anything further.

     

    To understand the features and risks associated with such products, please ask for a personalised illustration.

  • A retirement interest-only (RIO) mortgage is a hybrid between a regular mortgage and an equity release mortgage. You must generally be over the age of 55 (although some lenders will accept clients as young as 50) and the mortgage term has no end. It will run until you either die or move into a residential care home; or, if there are two of you, when the remaining party does. The mortgage is then repaid from the sale of the property; with the remaining equity paid to your estate for your beneficiaries. As you will need to make payments of interest (but not capital) throughout the term, the mortgage is assessed on affordability of the payments.

HOW MANY PEOPLE ARE APPLYING?

Applicant 1

Yearly Income

You could borrow

Change amount to borrow

Amount to borrow

Input amount to borrow value

What will my monthly mortgage payments be?

 

Mortgage Term

Input mortgage term

Interest Rate

Input interest rate

Your monthly payment will be

Assuming interest rates stay the same

The total amount you will pay over the term is

0 capital and 0 interest.

Mortgage debt over time

 

These results are for a repayment mortgage and are only intended as a guide. The amount you can borrow may be more or less than this. Please make sure you obtain accurate figures from your lender before committing to any mortgage.

It looks like you could borrow between:

£120,000 - 150,000

This means with the minimum required deposit of 10% you may be able to buy a house up to £0.00.


Next Steps

By answering a few more questions, we can check exactly how much you can borrow (and also check your eligibility for a mortgage) with top mortgage lenders.

These results are for a repayment mortgage and are only intended as a guide based on income multiples, not taking into account your specific circumstances. The amount you can borrow may be more or less than this. Please make sure you obtain accurate figures from a member of our team before committing to any mortgage

Your home may be repossessed if you do not keep up repayments on your mortgage

Quick Tips & Tools

 
 

What our customers say

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Vanessa
Vanessa
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Talsa has been excellent in helping us to secure our mortgage on our first home and getting life insurance sorted. We would be lost without her! She made the experience of finding the best mortgage rates look easy with her professionalism and patience in explaining the whole process to us. Thanks also to George who kept us up to date with our mortgage application and was always contactable and responsive. We would highly recommend using Mortgage IQ for both first time buyers and anyone renewing their mortgage.

Alice
Alice
StarStarStarStarStar

I couldn't possibly rate these guys less than a 5* - they have been so amazing. As a first time buyer it has been a rollercoaster with how things are currently changing - and thanks to 2 of the best advisors anyone could ask for, the stress was at its minimal. Honestly couldn't recommend Mortgage IQ highly enough, and to Talsa and Victoria, hats off to you both, you have been so great. Thank you a thousand times over 🥰

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