Restrictive Covenants
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Lifetime Mortgage.
Following a consultation undertaken by the financial watchdog lifetime mortgages may be around the corner.
The consideration is for interest only mortgages continuing until death of the mortgagee.
This can be a scary thought but it has a great deal of logic, at the moment lenders can only lend if the borrower has a way of repaying the mortgage, this has proven flawed over the years with self certification mortgages and endowments that underperformed
The problem occurs when the borrower is asked to repay the mortgage, in some cases the term can be extended because the borrower has income that covers this, but on occasions the home owner will have to sell or find other more expensive finance.
In many situations paying the interest rather than repayment of the full debt is an attractive option in retirement, at least having the option is better than not.
Having the choice for a consumer is very important, and in this case the choice is compromised because of regulation.
One of the alternatives available are equity release schemes, the problem with these is that they tend not to have the same interest rates as a mortgage and, because these type of scheme do not require monthly payments, the roll up of interest will erode the equity you have in the property.
The downside with lifetime mortgages is that a borrower with be paying interest for so long, if you extend a mortgage of 200,000 for a period of 25 years at a rate of 4% the amount payable is an extra £200,000.
It’s important that these products are regulated and would require a client to take financial advice, but for many that don’t have a clear repayment means this would be a product that will be welcomed with open arms.
The consultation period closes on the 1 November 2017
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