Mortgages

How to Find the Best Mortgage to Suit Your Needs?

Access to mortgages and loans for over-50s is probably one of the greatest market challenges we are taking on at Life/Redefined. That why we work with Fluent Money, who have the largest panel of lenders that provide equity release, second-home mortgages, buy to let, retirement interest-only mortgages.

Why Are Fluent Best Placed to Support Over-50s with Mortgages?

Founded in 2008, Fluent Money works with an extensive panel of lenders and will always recommend the best solution for your individual circumstances and find the best, most suitable deals.

Fluent have the expertise to support you hand in hand through the application process, to give you the best advice and best chance of securing the funding that you seek. They also have the best digital customer journey we have seen, keeping you up to date step by step of the process.

What Type of Mortgages Are there and What's the Difference Between Them?

Fluent Money have access to the largest panel of lenders that provide equity release, second-home mortgages, buy-to-let and retirement interest-only mortgages. Here we look at the differences between these types of mortgages.

Buy-to-Let Mortgage

A buy-to-let mortgage is designed specifically for landlords. Generally, the difference between these and residential mortgages is that they tend to demand a larger deposit and the interest rates also tend to be higher.

To secure your buy-to-let mortgage you will need a deposit of at least 25% and ideally 40% in some cases to get the best deals available. What’s more, bear in mind that the rental income on a buy-to-let mortgage will need to cover 125% of the mortgage payments for a basic rate tax payer. For more information, read our article: A Guide to Buy-to-Let Mortgages here.

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Interest-Only Mortgages for the Over-65s

A retirement interest-only mortgage is secured on the value of your property. As with other interest-only mortgages, you only pay the interest on the loan each month. Similar to a lifetime or equity release loan, the mortgage is paid back when your property is sold after you enter long-term care or the last remaining borrower dies. For more information, read our article: Interest-Only Mortgages for the Over-65s here.

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Equity Release Mortgages

If you need to reduce your household budget or unlock cash in later life, a lifetime mortgage can help provide a useful cash sum or a regular income when there are no other financial alternatives available to you. The loan is secured on your property and enables you to gain access to cash otherwise tied up in your home. For more information read our article: Pros and Cons of Equity Release Mortgages here.

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Need Help Finding the Best Mortgage to Suit Your Needs and Long-Term Financial Goals?

If you’re considering buying a second home or investing in a property as an income stream, it’s worth contacting a specialist mortgage broker even before you start the process to ensure you get the best advice. A good mortgage advisor can talk you through the options and costs and help you decide if becoming a landlord is really for you.