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Criteria Hub adds retirement-interest only mortgages to sourcing system

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  • 12/07/2018
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Criteria Hub adds retirement-interest only mortgages to sourcing system
Sourcing system Criteria Hub has added retirement interest-only mortgages to its search criteria.

 

 

The Financial Conduct Authority (FCA) reclassified the products away from lifetime mortgages earlier this year.

A number of lenders have launched retirement interest-only mortgages since the change, with more big names set to follow suit.

Jason Hegarty, director at Criteria Hub, said: “We expect retirement interest-only mortgages to be a hugely popular option for older borrowers.

“Unlike equity release mortgages, the FCA doesn’t require advisers to have any additional special permissions to sell retirement interest-only mortgages and as such borrowers will have greater access to retirement interest-only mortgages via intermediaries.

“It’s great to see a few lenders already moving into this space and we expect to see more follow throughout the rest of 2018 and beyond.”

Advisers can now use Criteria Hub to identify which lenders offer the mortgages, as well as the maximum loan to value and acceptable methods of ongoing affordability for joint applicants for each provider.

David Booth, mortgage proposition manager at Openwork said: “Mortgage advisers and their clients looking for mortgages in their later life are becoming increasingly spoilt for choice as lenders look to enter this growing market.

“Criteria Hub will help advisers make sure they deliver a good outcome for their clients and secure the most appropriate mortgage for their needs.”

James Young, national account manager at Hodge Lifetime added: “Retirement interest-only mortgages are set to become a popular choice for older borrowers who need an affordable mortgage into retirement without the worry of a term-end date.

“When considering the most suitable plan for an older borrower it’s important to consider the pros and cons of an open-ended mortgage against plans with a fixed end date, and we’re delighted to be working with Criteria Hub to help give advisers all the answers they need for this emerging product category.”

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