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AToM launches retirement mortgage for over-65s

by: Mortgage Solutions
  • 12/03/2012
  • 0
AToM launches retirement mortgage for over-65s
All Types of Mortgages (AToM) has a launched a mortgage for borrowers aged over 65-years-old, allowing for up to 40% of the property value to be interest only, at a variable rate of 5.74%.

The deal comes with a £299 booking fee and a £1,495 arrangement fee. The maximum loan size is £250,000 and redemption penalties exist for the first year only.

Dale Jannels (pictured), managing director at AToM, said: “This mortgage is aimed to help mortgage customers, who have attained retirement status, still achieve their ambition to purchase or remortgage properties when most lenders have closed the door to them due to their age.

“Equity of £150,000 is required over and above the mortgage amount. This is a deliberate requirement to ensure that borrowers have a substantial amount available to them at the end of the term.

“Rates and fees are competitive and we actively encourage borrower’s off-spring to be party to the decision wherever possible. It also offers the flexibility to redeem after year one.”

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