LIFETIME INTEREST ONLY MORTGAGE RATES
Rates are currently available from 2.87% fixed for life (2.96% APRC)
A lifetime interest only mortgage of £100,000 based on this interest rate would give you monthly payments of £239.17 if you chose to service the interest. This example is based on a 74 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 £43,049 in interest with the £100,000 capital to be repaid from the sale of the property.
The lender charges no fees and 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.