Pensioners Mortgages - Pensioners Mortgages are mortgages available to individuals approaching or already in retirement. Lenders offering pensioners mortgages assess a pensioners annual income on the basis of pension income. Therefore in deeming whether a particular product is suitable and affordable, lenders offering pensioners mortgages will ensure there is a track record of pension income and any other investment income. In cases where pensioners do not meet the income requirement, some lenders may still allow clients to obtain pensioners mortgages, provided they can get family member or close friend to act as a guarantor.
Pensioners mortgages may be on capital or interest only repayment terms. With a traditional repayment mortgage, both capital and interest are paid down concurrently. On the other hand, interest only pensioners mortgages require that pensioners only pay off the interest payments each month. Though these normally have lower monthly payments, they require the pensioner with a mortgage to provide another investment to pay off the initial lump sum at the end of the term such as a private pension, ISA or endowment policy.
With varying pensioners mortgages rates structures, finding the best deals can sometimes be confusing and many clients may not know where to seek out the best rates. We appreciate it can be overwhelming for clients to find the best packages. Our dedicated team of advisers at Capital Fortune can assist.
At Capital Fortune, we understand these difficulties and our ability to contact senior underwriters to discuss your particular case and pension income with them directly, allows us to save you time, money and disappointment. We understand our lenders and we understand their criteria. We will immediately know which lenders are likely to accept your type of pension income and which are likely to accept your case or otherwise.
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