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Retirement Mortgages

The average person spends a third of their life working. What will you do with the other two-thirds? You can spend it on family, friends, hobbies and your favourite activities. Or you could invest in your future by buying a home that becomes yours once you retire. This option is known as a retirement mortgage, and it’s perfect for those who want to enjoy financial stability during their golden years.

The majority of individuals aim to be mortgage-free by the time they retire, but there are a variety of factors why you may want to borrow money before then.

Here’s how retirement mortgages work

You purchase a home that will serve as your retirement residence, and you finance it with a mortgage. The mortgage can be paid off over time, giving you the peace of mind of knowing that your housing situation is taken care of.  Once the mortgage is paid off, you own the home outright.

There are several benefits to choosing a retirement mortgage over other options, such as renting or purchasing a home with cash. First, you’ll have the stability of knowing that your housing costs are locked in for the duration of the mortgage. Second, you’ll build equity in the home, which can be used as a source of income in retirement. Finally, a retirement mortgage gives you the flexibility to downsize or move if your needs change.

How IMS can help with your retirement mortgage

Whether you are downsizing or buying a buy-to-let property, a self-build property can make a fantastic addition to your pension. However, if you’re retired or approaching retirement age, you might believe there aren’t any mortgage alternatives for you. That is not the case, however. We have connections with lenders who are willing to provide a mortgage to those aged 60 and over.

Individuals who have equity but do not want to release it and are seeking an alternative method to fund a larger purchase to repay it in the future in one of the following ways: inheritance, savings, and investments, downsizing, or the sale of another property might consider taking out a retirement mortgage.

We work with lenders that don’t have maximum age restrictions, who consider private and state pensions, as well as any rental, investment, or personal income you may have. You’ll be able to borrow money and keep it for years after reaching retirement age.

We have the knowledge and connections to locate lenders who will provide you a loan for more than 89 years old, on either an interest-only or capital-repayment basis.

IMS offer all types of other mortgages and we are accredited by the Equity release council

Get in contact with a member of our staff now to learn more about retirement mortgages or to get started on the application.

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  • Book an appointment

    Book an appointment

    Book an appointment with one of our mortgage specialists at a date and time of your convenience. Initial consultations are free and last approximately 30 minutes. Please book your appointment by clicking the button below.

     

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