retirement mortgage

pinkcowprint | 16:13 Thu 15th Oct 2009 | Business & Finance

3 Answers

i have been told halifax do an interest free one but unsure how they work,anyone know anything about them?

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redcrx

ive never heard of any mortgages being interest free. The banks want to make something out of it.

are you thinking of the ones where the interest is added but doesnt become payable until the property is sold?

pinkcowprint

Question Author

dont know one of my friends told me,thought it sounded too good to be true!mum and dad are thinking of moving and would need 40 grand,my dads retired and mum in 3 year,just wondered what would be best way for them.

Postdog

You mean an equity mortgage. Many people do them, including people like Saga etc. Basically you can borrow a percentage of the house value to use for any purpose (including paying off any money left on mortgage) for a stake in the house. You have to be a certain age (sounds like they are) but whether it's the right answer needs looking at.

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