The benefit to these mortgages is that the lenders works the affordability out on whether you are able to afford the interest only, and aren’t looking to see if you are in a position to be able to fully pay the mortgage off over a specific period of time. You still have the option however, if your income allows, to pay the mortgage down or simply maintain the interest payments.
Who can apply for Retirement Interest Only mortgages?
These mortgages are available to any applicant, or party to the mortgage, who is over the age of 55, and the majority of lenders have no maximum age limit at the time of application i.e. you could apply at any age above 55, assuming your income can be verified and is at a suitable level to be granted the mortgage.