The best mortgage deal for the over 65s.
The best mortgage deal on offer for home-owners of 65 and above is offered by the Buckinghamshire Building Society in conjunction with Legal & General.
When saying the best mortgage deal it is important to clarify this point. It is currently the best simply because at present it is the only product of its kind being offered in the UK today.
The new over 65 deal is offered for both interest only or capital repayment and will be made available for up to a maximum of 50% of a property's value. Part of the criteria for being accepted for a deal is having a credible and adequate repayment strategy in place to repay the loan.
It has been advised that the maximum mortgage that can be agreed is £350,000 with remaining equity of £150,000 after the proposed loan.
Sally O'Neill who is the Legal and General's mortgage lending analyst, commented on the product advising it is a niche product most likely to appeal to home-owners wishing to raise funds. She added that it is not strictly speaking equity release, it is more of a remortgaging product.
Ivan Gouldon behalf of Buckinghamshire said that the building society is pleased to be working in conjunction with Legal and General. He added that the products offered will enable the lender to expand their market share while maintaining focus on mortgage security for members.
If you are looking for the best mortgage deal currently on offer contact Deal Direct today and one of our skilled advisers will source a competitive product for you.
