All Types of Mortgages Ltd (AToM) has launched a new mortgage initiative 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 40% of the property value on interest-only at a rate of 5.74% variable.
AToM did not disclose the identity of the lender.
The product has a £299 up front booking fee and £1,495 arrangement fee (can be added). The maximum loan amount is £250,000.
AToM has negotiated a flat fee of £370 for standard legal re-mortgage transactions.
Dale Jannels, managing director at AToM, said: “We believe we have come up with an ideal solution for a current gap in the market. This new exclusive is deliberately aimed to help mortgage customers who have attained retirement status still achieve their ambition to purchase or re-mortgage properties when most lenders have closed the door to them due to their age.