All Types of Mortgages has launched a redesigned version of a product aimed specifically at post-retirement age customers, in conjunction with one of its ‘complex prime’ lenders.
The retirement mortgage provides a loan of up to 50 per cent of the property value on an interest-only basis at a rate of 4.5 per cent fixed for two years. It is designed for the over-65 age group.
Dale Jannels, managing director at Atom said: “This mortgage fills a current gap in the market and is aimed to help mortgage customers who may have attained retirement status but still achieve their ambition to re-mortgage properties when most lenders have closed the door to them due to their age.
“Equity of £200k is required over and above the mortgage amount. This is a deliberate requirement to ensure that borrowers have substantial equity available to them at the end of the term.
“The rate and lender fees are competitive and we actively encourage borrower’s offspring to be party to the decision wherever possible. It also offers the flexibility to redeem after year two with no extended earliest repayment charges. I expect this product to receive a lot of interest.”
