Bank of Ireland
Bank of Ireland is one of the ‘big four’ traditional Irish banks and was founded by Royal Charter in 1783.
Its retirement mortgages are available in the UK through the Post Office financial service brand and are known as the ‘Post Office Retirement Link’. Like a traditional mortgage, you can choose an interest-only or capital repayment plan and monthly payments are then made to repay the loan to the end of the agreed term.
As with any mortgage, your ability to repay it will be assessed using your income and credit rating.
The interest-only option is designed for those who want a mortgage in retirement and are looking to downsize in the future as the mortgage must be fully repaid by the time you reach 80.
The repayment option allows you to borrow until age 90, plus it also offers a more generous loan amount based on the value of your property, which must be your main residence.
Do the high street banks offer lifetime mortgages?
The ‘big 6’ high street banks - that is Halifax, Barclays, Lloyds, HSBC, Santander and Royal Bank of Scotland (RBS) don’t currently offer lifetime mortgages or other equity release plans themselves.
Recently, Nationwide entered the lifetime mortgage market but instead of offering its own range of plans, it refers its members to Pure Retirement
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