Interest only loans for the decrepit

[Derek Smith]

I'm considering equity release, not for holidays so much as an extension for a downstairs loo. It's my age you see. My kids are supportive but neighbours all tell me that it's all a con.

I went to my old building society to ask about an interest only loan on my house but I was told I could only have one until I was 75. Not much point for me. On the way out, the woman said, 'Just between ourselves, there might be changes to the age limit, and for IO loans in the near future.

Anyone know about these 'changes?'

[phope]

Retirement Interest Only mortgage?

https://www.moneyadviceservice.org.uk/en/articles/...

[Derek Smith]

phope said:

Retirement Interest Only mortgage?

https://www.moneyadviceservice.org.uk/en/articles/...

Thanks for that. Not heard the title before. I'm not particularly well up on financial things.

[Nickbrapp]

Nationwide have launched a interest only retirement mortgage for people over 55

[phope]

These are relatively new - Nationwide offer them, as do various other lenders

For example: https://www.nationwide.co.uk/products/mortgages/bo...

My neighbour is looking to take one out on her mortgage free home to buy a Spanish holiday home - reasonable disposable income and can afford monthly interest payments easily from her pensions

[Wacky Racer]

Don't jump into anything without doing thorough research.....it's a minefield.

[Simpo Two]

Maybe your children could provide the money and take a proportionate share in the house? Keeps it in the family, and no interest being paid to outsiders.