Tipton providing retirement property - over 55 property mortgages
Tipton & Coseley Building Society has taken the unusual step of offering mortgages against retirement properties often limited to the over 55’s.
The policy change is designed to complement Tipton's existing range of later-life products suitable for older borrowers.
Applicants will need a 40% deposit and be over 55 to qualify. They will also need to be buying a property with a minimum value of £75,000.
Properties located on large-scale retirement villages and new build apartments are allowed although the valuer inspecting the property will need to approve of the property and its location.
If there is a 106 restriction where the developer has the first refusal in terms of buy-back, Tipton will still lend providing there is no onerous terms or reduced value clauses.
Aaron Strutt, product director at Trinity Financial, says: “Many of the high street lenders and smaller building societies do not accept over 55’s specific properties so it can be hard to secure a mortgage.
“Tipton has a range of products targeting older borrowers looking for retirement interest-only mortgages. The lender will accept different types of income to work out the maximum loan size including PAYE income, pensions or investments.”
Call Trinity Financial on 020 7016 0790 to secure a retirement flat mortgage