Saffron launches ‘downsizing’ interest-only mortgage
Saffron Building Society has launched a ‘lending into retirement downsizing mortgage’.
The product is designed for customers who would like to consider downsizing in future, potentially when they retire.
The mortgage is an interest-only 3-year discount at 2.94% to 60% loan-to-value with an arrangement fee of £999.
Anita Arch, head of mortgage sales at Saffron Building Society, said: “Some people don’t think it’s possible to get a mortgage in their 50s and 60s as retirement approaches.
“At Saffron, we don’t believe you should be limited by your age and we like to be as flexible as possible.
“You may be approaching retirement and have seen a property you want to call home but lenders have already said no. We say, let’s talk further and see what we can do to help.”
Arch added: “Our ‘Lending into retirement downsizing’ mortgage is a standard interest only mortgage with a difference.
“As the name suggests, it is available to customers who are looking to borrow into their retirement.
“Our mortgage stands out as it allows you to use downsizing as a way to pay off your loan after you stop working.”