You are here: Home - Mortgages - Remortgage - News -

Mortgage launched for over 65s

Written by:
Legal & General and Buckinghamshire Building Society have launched a retirement mortgage for asset-rich over 65s, the only one of its kind in the market.

Created by the financial services company Legal & General and the Buckinghamshire Building Society, it will be interest-only or capital repayments for up to 50% of the property value where a credible repayment strategy is in place.

The maximum loan size is £350k while the remaining equity after the proposed loan must be at least £150k.

Sally O’Neill, a mortgage lending analyst at the company, said that it was a niche product likely to appeal to those wishing to raise funds.

“It is not really equity release – it is more remortgaging, perhaps for something like home improvements.”

Commenting on the joint-initiative, Ivan Gould, chief executive of the Buckinghamshire Building Society said that the society was “delighted” to be working with Legal and General.

“The products we are offering will enable the Bucks to expand by fulfilling a valuable role in the housing market whilst maintaining our focus on security and safety for our members.”

Tag Box




Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
Average homeowner moves every 25 years

UK homeowners move just once every 25 years while 12% of adults cannot afford to move at all.