Are you looking for a mortgage while employed but worried about being turned down due to your planned retirement age and the need to use your income in retirement? Look no further than lending into retirement mortgages from Swansea Building Society.
Lending into retirement mortgages are designed for employed individuals looking to borrow money against their property with the need to use retirement income to extend the term of the mortgage. With this type of mortgage, you can access funds for a variety of purposes over and above purchasing a new property / remortgaging your existing property on a like for like basis, including home improvements, debt consolidation, or even to help your children onto the property ladder.
At Swansea Building Society, we understand that a planned earlier retirement doesn't necessarily mean that your financial needs stop. That's why our lending into retirement mortgages are available for individuals up to the age of 75, with a maximum loan-to-value ratio of 75%.
We recognise that our customers have a variety of financial needs and aspirations, and we believe that our lending into retirement mortgages can help them achieve their goals. One of the key benefits of these mortgages is that they allow borrowers to access funds for a range of purposes not just for purchasing a new property or a like for like remortgage.
One popular use of lending into retirement mortgages is to finance home improvements. Whether you want to make structural changes to your property, add an extension, or simply update your decor, a lending into retirement mortgage can provide you with the funds you need to make your vision a reality. By borrowing against the equity in your home, you can create a comfortable and stylish living environment that meets your changing needs and lifestyle.
Another common use of lending into retirement mortgages is debt consolidation. If you have multiple debts with high interest rates, you may be able to save money by consolidating them into a single, lower-interest loan. By using a lending into retirement mortgage to pay off your debts, you can simplify your finances and reduce your monthly payments, which can help you to enjoy a more comfortable retirement.
In addition to home improvements and debt consolidation, a lending into retirement mortgage can also be used to help your children onto the property ladder. With rising house prices and stricter lending criteria, it can be challenging for younger generations to get onto the property ladder. By using your equity to provide a deposit or co-sign on a mortgage, you can help your children to purchase their first home and secure their financial future.
Our experienced team of mortgage advisors will guide you through the application process and help you to choose the right mortgage product to suit your individual needs. We understand that each borrower has different requirements, and we will work with you to ensure that you receive the best possible service.
If you're looking for a mortgage that will enable you to access funds in retirement, look no further than Swansea Building Society. Contact us today to find out more about our lending into retirement mortgages and how they can help you to achieve your financial goals.