The mortgage is designed for those who want to pay interest on their mortgage debt into retirement and is currently available through a limited selection of intermediaries.
Shawbrook’s 55 plus mortgage for interest-only borrowers is now being included on the Equity Release Supermarket comparison service.
The mortgage is designed for those who want to pay interest on their mortgage debt into retirement and is currently available through a limited selection of intermediaries.
Maeve Ward, managing director of residential mortgages at Shawbrook Bank, said: “I am so pleased to be working with Equity Release Supermarket to help them offer more financial options to those reaching the end of their interest-only mortgage, especially those aged 55 or over who have been so poorly served by the high street.”
Fixed and variable rate options are available, while the mortgage enables customers to partially or fully repay the loan without incurring any form of early repayment charge.
Mark Gregory, chief executive of Equity Release Supermarket, said: “With an excess of 160,000 interest-only mortgages maturing over 2017/18 alone, a significantly increased number of borrowers aged over 55 are seeking a wider range of alternatives to selling their home or realising their investments in order to repay their outstanding mortgage.
"With record low interest rates and equity release contracts proving more popular than ever, we continue to research every possible source of lending for customers approaching or already in retirement.
“Following our recent discussions with Shawbrook Bank we are delighted to announce that their 55 plus interest-only mortgage will now be included within the options available to customers via our whole of market retirement mortgage comparison service.”
