LIFETIME INTEREST ONLY MORTGAGE RATES
Rates are currently available from 5.90% fixed for life.
A lifetime interest only mortgage of £100,000 based on this interest rate would give you monthly payments of £491.66 if you chose to service the interest. This example is based on a 79 year old owning a property valued at £400,000.
Assuming he lived for 15 years and paid the interest (180 monthly payments) he would pay back a total of £88,500 in interest with the £100,000 capital to be repaid from the sale of the property.
The lender would give you a free valuation. You would be charged our standard broker fee of £995 payable on completion.
The actual rate would depend on your individual circumstances.
Please ask for your free personalised key facts illustration.