Jump to content
House Price Crash Forum
Sign in to follow this  
rollover

Leeds Building Society is entering the market for IO mortgages to borrowers aged 55 to 80

Recommended Posts

Quote

Leeds’ new mortgages are being offered to borrowers aged 55 to 80.

The loans need to be repaid on a specified life event. This could be the sale of the property, moving into residential care – or the death of the borrower.

Borrowers will need to demonstrate that interest-only repayments are affordable throughout the term of the loan.

Leeds is offering three deals at fixed rates for two, three or five years. Yahoo

What could possibly go wrong?

Edited by rollover

Share this post


Link to post
Share on other sites

What will the price/cost be.......the risk is priced into everything.

Who would choose to pay rent as well as having the responsibility of the care and upkeep long into retirement?.......hope the pensions will cover.;)

Share this post


Link to post
Share on other sites

Isn't this just a free way for Leeds Building Society to get houses for free? Create money from thin air to lend > borrower pays you back with real money or doesn't and LBS gets the house. Probably not that simple?

Share this post


Link to post
Share on other sites

Lets have a look a the Post Office (BoI) Retirement link IO mortgage

https://www.postoffice.co.uk/mortgages/retirement-link

'Ideal for those who ultimately want to downsize and repay the loan from the sale proceeds before the age of 80. Your monthly payments will cover the interest, and the capital amount will need to be repaid at the end of the term.

You will need to repay this mortgage before the oldest borrower reaches 80 years of age

Only available to those who are mortgage free (unencumbered)

You may borrow up to 30% of your property value

Your property must be worth at least £250,000 plus the value of your loan e.g. if you borrow £25,000 your property must be worth at least £275,000.'

Good luck on that.

 

 

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 244 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.