Mortgage broker, Deal Direct, explains OneFamily’s lifetime mortgages.
Lifetime mortgages are simply explained with mortgage broker Deal Direct.
Short-term fixed rate mortgages are very popular in the UK, but have you ever considered a lifetime mortgage?
This type of loan is a form of equity release. As in an interest only mortgage, repayment of the financing deal happens at the end of the term, with only the interest being paid monthly. How much you can borrow depends on your age and value of your property.
OneFamily have extended their range and introduced two brand new products. Borrowers have the flexibility to choose the level of interest and duration of the term on either a variable interest rate basis, or a fixed term. Up to 100% of the interest accrued on the loan can be repaid in this way.
With the fixed rate option, in the event of interest rates climbing higher than the agreed mortgage rate, the excess would be added to the loan, which borrowers would pay back at the end of the loan term.
The mortgage is meant to be as flexible as possible as borrowers can cap the interest they pay, even if they choose the variable rate option.
If you are considering a lifetime mortgage, the advice would be to consult with professional mortgage broker, Deal Direct, to be assured of receiving the very best advice. Another type of mortgage may be more suited to your circumstances, so we’ll review your finances and evaluate your specific needs before guiding you through your available options.
For the most up to date mortgage advice, contact Deal Direct on 0800 048 8828.
