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Is your Interest only mortgage due to expire?

Do you have an Interest Only Mortgage and the term is coming to an end? Are you worried that, due to your age or circumstances you may not be eligible for a new mortgage?

These days for older clients there are a range of options that are available to you. For starters you may find that applying for a new residential mortgage is an option, as long as you have enough long-term income to make the repayments. Some lenders offer standard residential mortgages to clients up to age 85.

Another option is a Retirement Interest only Mortgage, with this, you maintain the interest payments that are due, but the mortgage term does not end until you either die or go into long-term care.

The final option is an Equity Release Mortgage. (Oh no I hear you say, not one of those!!!) Well, these can be an exceptionally good option for some clients. Equity Release Mortgages come with all sorts of options, such as, you can maintain interest payments if you want to or you can make lump sum payments to reduce the mortgage debt. You don’t have to make any kind of payment if you either don’t want to or can’t afford to.

Not only that, included in all Equity Release Mortgages is ‘No Negative Equity Guarantee’ this means, that should you take out Equity Release, don’t maintain any payments at all and you live for a long long time, meaning the debt builds up and the amount of mortgage ends up being more than your property is worth the mortgage company, upon your death, will write off the negative equity amount, so your beneficiaries can’t be chased for any outstanding debt.

Also, with Equity Release you can opt to have ‘Inheritance Protection’ included. This means that when you apply for the mortgage, you can stipulate that you still want your beneficiaries to inherit a certain portion of the equity in the property when you die and this will be safeguarded for you. So, you can have Equity Release and leave an inheritance.

If you would like any further information, please contact Hayley at Blackberry Mortgage Services on 01245-806119 for a no obligation chat or visit

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