Slowly but increasingly lenders are considering interest only residential mortgages with no or extended end dates for older and retired applicants. Additionally at least one lender has announced acceptance of properties in retirement developments – where ownership is restricted for example to those over age 55. Traditionally lenders have shunned such properties because of the perceived restricted resale market.
ibmco welcomes these further options for older houseowners. Please contact David or Pav for further information.