All Types of Mortgages Ltd (AToM) has launched a revamped exclusive mortgage initiative in conjunction with one of its ‘Complex Prime’ Lenders.
The AToM Retirement Mortgage is designed for the over 65 age group and allows for a mortgage of up to 50% of the property value on interest-only at a rate of 4.5% fixed for two years.
Dale Jannels, managing director at AToM, said: “We are delighted to be relaunching our retirement mortgage exclusive, but with a better rate of interest. This mortgage fills a current gap in the market and is aimed to help mortgage customers who may have attained retirement status but still achieve their ambition to re-mortgage properties when most lenders have closed the door to them due to their age.
“Equity of £200,000 is required over and above the mortgage amount. This is a deliberate requirement to ensure that borrowers have substantial equity available to them at the end of the term. The rate and lender 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 two with no extended ERCs. I expect this product to receive a lot of interest.”
Other details include £299 up front booking fee, £1,495 arrangement fee (can be added), maximum loan £500k, redemption penalties in fixed rate period only. Normal valuation fees apply.