Fox Davidson secure interest only mortgages for over 65’s. We are an independent mortgage broker which means we work with all types of mortgage lenders across the UK. We work with local building societies, high street banks, private banks and lenders which are exclusive to mortgage brokers.
Can I get An Interest Only Mortgage If I am over 65?
Interest only mortgages for over 65’s are possible. To qualify for an interest only mortgage you will need to have a method of repaying the loan. You could repay the loan using a variety of methods including sale of the property or other assets.
A mortgage lender will assess your income to determine how much you can borrow. Acceptable income is any UK taxable income or pension income. Typically lenders 2will lend around 3.5 to 5 x your income.
The mortgage lender will also take into consideration any debt you have.
This interest only mortgage will have an end date at which point it must be repaid.
If you require an interest only loan for life then you need to consider an equity release mortgage.
What Paperwork Will I need?
- Proof of ID
- Proof of Address
- 3 Months Bank statements
- 3 Months Payslips/Accounts/Proof of Pension
What Are The Next Steps?
Fox Davidson have offices in Bath, Bristol & London at which we can meet clients. We can also come to your home address. All our initial advice is free. We will establish your current situation and get to know what your long-term goals are.
We can then put together a finance solution for you and present you with the terms. If you would like to proceed your mortgage broker and the administration team will handle the whole process from application through to completion.
To initiate your enquiry please contact an adviser.