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If you have a good retirement income with a sufficient monthly disposable income, you may be better off considering an interest only mortgage. However high street lenders providing traditional mortgages are somewhat limited in providing interest only mortgages to applicants in retirement. Some specialist building societies, and Equity Release providers may be able to help.
These schemes enable you to raise a lump sum from your property. They are similar to a conventional mortgage as you choose to repay the interest charged each month.
The term can be fixed at the outset to tie in with your retirement plans.
As you have chosen to make monthly payments, the balance will therefore remain the constant throughout the term of the plan.
This is a lifetime mortgage. To understand the features and risks, ask for a personalised illustration.