THE INFORMATION ON THIS WEBPAGE IS FOR THE USE OF PROFESSIONAL INTERMEDIARIES ONLY

Borrowers aged 55 and over

31/01/2018

Borrowers aged 55 and over with an interest only mortgage can remortgage on to a
part and part basis allowing them to reduce their capital and increase their equity to
facilitate them to have a suitable repayment strategy at the end of the term, including
switching to a lifetime mortgage

Switch to a lifetime mortgage is a permitted repayment strategy subject to an
applicants age, property value and LTV. The following criteria applies to this type of
lending:

  • Minimum age 55 at application
  • Max 75% LTV on a part and part basis of which the interest only element can be
    a maximum of 50%
  • No ex local authority properties
  • Minimum equity 100k