My wife and I are both currently 59, and own a property worth approx £430,000, with a £110,000 interest only mortgage. We would like to move to another property, at approx £360/370,000. We would like to take out a mortgage of approx £40,000 or £50,000 on an interest only basis, using the sale of our property as a deposit. I am self employed with accounts showing earnings of approx £20,000 over the last few years (due to the recession) I intend continuing to work past retirement age. Would it be possible for us to get an interest only mortgage, up until 75?
The low loan to value you are looking for will certainly count heavily in your favour, however Interest Only is a really hot topic at the moment especially where the repayment vehicle is likely to be the sale of the property. A lot will also depend on exactly what you do for a living as the lender needs to be comfortable that it is realistic for you to be able to work until 75.
I'd say it's definitely worthwhile having a discussion with one of our consultants to get a better idea of exactly what we can do to help you move home. If you'd like to do so, please let me know and I'll arrange a convenient time for you to speak with one of them.
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