Positive Lending has announced the launch of Shawbrook’s interest-only mortgage product for over-55’s which has been added to their packaging proposition.
The product provides an interest-only solution for customers aged 55 and over who are either looking to extend their mortgage term or raise capital to help children with a deposit for their first home or carry out home improvements.
Stephanie Charman, director of mortgages at Positive Lending, said: “We are delighted to be one of Shawbrook’s chosen specialist packagers for their inventive 55-plus product.
“With a growing aging population and statistics showing there are 600,000 interest only mortgages due to mature before 2020, interim solutions for customers which fill the gap before equity release are needed.”
Maeve Ward, managing director of residential mortgages at Shawbrook Bank, added: “We are thrilled to be working with Positive Lending to offer peace of mind to customers aged over-55.
“Shawbrook’s new 55-plus interest-only mortgage allows customers to remain in their home for up to an additional 15 years and keep their savings in place for longer.
“Unlike so many high street lenders, we are putting customers first by allowing free over payments at any time and no early repayment charges on repaying the mortgage in full.”