Interest-Only Mortgage Brochure - YBS

How will you
repay your
interest-only
mortgage?

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93

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Are you worried about
your interest-only
mortgage?
We could help.

If your mortgage term is coming to an end and you still owe money on your
mortgage, you will have some big decisions to make regarding how you repay the
outstanding amount.

If you cannot agree new terms with your mortgage provider and do not want to
sell your home, then you will need to consider the alternatives available. This
could mean taking out another mortgage.

About us

At Age Partnership, we believe that people who are at, or approaching retirement
deserve to get the best out of life. Our award-winning service can offer expert,
honest and impartial advice and our advisors will work with you to determine what
alternative solutions you can consider; helping you to make an informed decision
about your interest-only mortgage.

As one of the UK’s leading retirement specialists we’re proud to have helped over
one million people explore their options when borrowing in retirement. Offering a
wide range of solutions, we provide advice from across the whole of the market
on residential mortgages, retirement mortgages and equity release.

With a choice of either telephone or face-to-face equity release advice, you can
choose to speak to us either over the phone or in the comfort of your home. To
help you explore the options available to you we complete a full assessment and,
when appropriate, recommend a specific solution without cost or obligation.

How we can help you

Our interest-only maturity advice service has been specifically designed to support
you if you have not got the money available to repay your mortgage. Once you have
established the options available to you with your existing mortgage provider, you
may wish to consider alternative options and this is where our service can help.

Equity Release

Equity release refers to a range of products available to those aged 55 or older that
allow you to access your housing wealth without having to sell or move.

With the most popular form of equity release, a lifetime mortgage, there is the
option to make monthly payments or roll the interest into the mortgage to be repaid
when the house is eventually sold. You can also choose a variable interest rate or
the certainty of a rate which is fixed for the life of your mortgage. Lending is not
based on affordability but rather on your age, health and property value.

Retirement Mortgages

This is a type of lifetime mortgage, which offers more flexibility when borrowing in
retirement. Lending is based on affordability as you pay the interest on the
mortgage each month, however the capital will be repaid from the sale of your
home when you die or move permanently into long-term care. There is additional
flexibility as when the youngest borrower reaches age 80, or on the fifth anniversary
after taking out the mortgage (if later), you can elect not to pay the mortgage
interest and instead add it to the loan each month.

Residential mortgages

Although your existing mortgage may no longer be suitable, you may be able to
re-mortgage to an alternative product or provider. Any new mortgage will require
monthly repayments and the capital balance would still need to be repaid in the
future. It is unlikely that this will be a permanent solution as most mortgages will
have to be repaid by a specified age. However it could provide breathing space to
consider your long-term plans.

For more information on how we can help you manage
your mortgage or to arrange an appointment please call

Freephone 08004 640811

Or visit www.agepartnership.co.uk/ybs

recomImportant considerationson

Releasing equity to repay a mortgage or remortgaging won’t be appropriate for everyone
but with the right advice and support you can establish what options are available to you.
It’s a significant decision that should not be taken lightly, and we have listed below some of
the key considerations when assessing your suitability.

✓ Consider the alternatives such as downsizing. Even if you cannot eliminate your
need to borrow you may be able to reduce your borrowing requirement.

✓ Understand the impact releasing equity may have on your tax position and eligibility
for means tested benefits.

✓ Releasing equity may reduce the value of your estate and could reduce the amount
available as an inheritance. Future property prices could be higher or lower than
they are today.

✓ We do not charge an advice fee to Yorkshire Building Society customers. Should
you choose to go ahead and your case completes, we will receive a commission
from the lender.

✓ Whilst there is no cost to you for our advice, there may be other charges, for
example for property valuations, surveys, or legal fees. We will work with you to
understand your priorities regarding any other fees and discuss the best overall
offer for you.

Equity release may involve a lifetime mortgage or home reversion plan. To understand the
features and risks, ask for a personalised illustration. We provide initial advice for free and
without obligation. If releasing equity via a residential mortgage or retirement mortgage,
your home may be repossessed if you do not keep up repayments on your mortgage.

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Why use Age Partnership?

✓ We offer a free, no-obligation recommendation to our customers;
✓ We offer independent advice from across the whole of the market;
✓ Equity release advice over-the-phone or in your own home; and
✓ Independently rated ‘Exceptional’ for customer service by

Investor in Customers.

Real customer stories

“I chose to take out equity release
because I had an interest-only
mortgage that was due to expire and I
didn’t have the funds available to
repay it. Age Partnership helped me
to pay off the mortgage, which was
quite fantastic.” Mr Mawer

“Every step of the way Age
Partnership explained what equity
release would mean for me and my
family. I would recommend Age
Partnership to anyone.”

Mrs Binsteed, Cheshire.

For more information on how we can help you manage
your mortgage or to arrange an appointment please call

Freephone
08004 640811

Or visit www.agepartnership.co.uk/ybs

Age Partnership Limited, 2200 Century Way, Thorpe Park, Leeds, LS15 8ZB

Company registered in England and Wales No. 5265969. VAT registration number 162 9355 92.
Age Partnership Limited is authorised and regulated by the Financial Conduct Authority. FCA registered number 425432.