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.
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. Equity of £150k 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.
"I suspect this product will cause a lot of interest and thankfully our lending partner has funds and, more importantly, an appetite to lend!”
