Monmouthshire Building Society has created a solid reputation by providing a series of different financial products to its consumers since its inception over 140 years ago. Monmouthshire offers a variety of different savings products as well as mortgages products that can help retirees to secure the retirement they want. Monmouthshire currently uses a network of different agency offices and branches throughout Herefordshire and South Wales to get their customers the services and products they need.
Monmouthshire does offer an interest only mortgage in Wales and England. This mortgage has a maximum age of 75. It is possible to qualify for this mortgage even if you are retired. However, in order to do so you must be able to provide documentation of all pension and retirement income that you receive.
With this product, you are required to pay the interest that accrues on your loan. You are not required to make any payment toward the actual capital but must maintain monthly payments to cover the interest accrual. While you aren’t required to pay on the capital, Monmouthshire does actually allow you to make an overpayment of 10% each year without your incurring any early repayment fees. This means that when your loan is finally repaid following the sale of your home, you may end up owing back less than what you actually borrowed. You will never owe more than what you borrowed, given that you must keep up with the interest payments on your loan.
In order to qualify for a Mortgage into retirement with Monmouthshire, you must release at least £30,000. You must undergo a critique surrounding your income, expenditures, credit history, and your overall ability to make your monthly mortgage payments. If you are required to make monthly interest payments, you must be able to prove that you are able to consistently make your payments on time or you may put your home at risk.
This product has a maximum loan-to-value of 50%. When re-mortgaging, Monmouthshire offers you free standard legal fees as well as a free valuation.
The Retirement Mortgages offered by Monmouthshire is perfect for the retiree that is looking to borrow cash but also wants to ensure that they do not end up owing more than they borrowed when they eventually have their loan repaid. By paying the interest on this product, you can ensure that you will never own more than you originally borrowed.