Mortgage Choices in Retirement

Posted on 22 July 2011 by gill

I want to find out my options when I receive my state pension in Jan 2012. I have 60k outstanding on my property valued at 400k and would like the option to reduce payments to interest-only. My lender (Halifax) isn't instantly keen on this, and I've made an appointment to see an adviser face to face. What is your advice? I don't have a repayment 'vehicle' as such, which was mentioned in the initial conversation I just had on the phone.


As Halifax is your existing lender you should ask them about their Retirement Homeplan.  This is an open ended mortgage scheme in which you pay monthly interest payments until you move and sell your home or until it is disposed of as part of your estate.  I understand that not all branch staff are qualified to advise on this and you may need to ask to speak to a more senior member of staff.

As with all Lifetime mortgages you should also seek independent legal advice and let any dependants or beneficiaries you have know of your plans before entering into an agreement.

If Halifax are not willing to help you I believe we can and that you would benefit from speaking to one of our independent mortgage advisers.  Please call 0344 346 3672 and tell the consultant the date and title of your question, they will then be able to offer further advice on your situation.


Answers provided in response to Ask the experts are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.

We recommend you seek professional advice with regard to any of these topics where appropriate.

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