A deal with a cut-off age of 95 has been hailed as a ‘massive shot in the arm for the mature borrower market’believe you’re too traditional for a mortgage? believe again. Guardian Money can reveal details of a new home loan you can fill until you are 95.
As the name suggests, the 55+ Mortgage is exclusively for over-55s and is being described as “a flexible way to borrow money in later life”. This isn’t an fairness release deal – it’s a standard mortgage where you pay the interest on the loan each month and retain 100% ownership of your property.
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Source: theguardian.com