{"id":2792,"date":"2021-03-24T08:16:20","date_gmt":"2021-03-24T08:16:20","guid":{"rendered":"https:\/\/www.fpgonline.co.uk\/?p=2792"},"modified":"2021-03-24T08:23:44","modified_gmt":"2021-03-24T08:23:44","slug":"optional","status":"publish","type":"post","link":"https:\/\/www.fpgonline.co.uk\/index.php\/optional\/","title":{"rendered":"New Optional Payment Lifetime Mortgages For The Over 65s"},"content":{"rendered":"<div class=\"\">\n<p>If you are aged 65 or over and living in, or buying, your own home with a small or no mortgage and want to borrow \u00a310,000 or more, there is a new \u2018optional payment lifetime mortgage\u2019 product you may be interested in \u2013 especially if you\u2019d like to pay some, or all, of the monthly interest on the loan. There is no financial underwriting and you do not need to have an income. Essentially, this is an interest only mortgage for retired people who don\u2019t want the interest on their loan to compound and the loan amount to increase.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p><strong>WHY DO PEOPLE TAKE A LIFETIME MORTGAGE?<\/strong><\/p>\n<ul>\n<li>To make home improvements: a new kitchen or conservatory<\/li>\n<li>Repay an interest-only mortgage or other debts<\/li>\n<li>Help a loved one onto the property ladder<\/li>\n<li>To pay for a family holiday<\/li>\n<li>To enjoy a more financially comfortable retirement<\/li>\n<\/ul>\n<p>In our experience, these new, more flexible, equity loan products are giving people far more options as they grow older \u2013 giving home owners the ability to stop paying interest at any time, then start again if they decide, to ensure they have full control over their outgoings each month.<\/p>\n<p><strong>MYTH BUSTERS<\/strong><\/p>\n<ul>\n<li>You can\u2019t lose your home<\/li>\n<li>You can move home \u2013 your lifetime mortgage can move house with you<\/li>\n<li>You can pay interest so the debt does not increase<\/li>\n<li>Inheritance protection \u2013 you can protect a percentage of your property to leave to you beneficiaries<\/li>\n<li>Repayable on death or admission to long term care<\/li>\n<li><span class=\"Apple-converted-space\">\u00a0 <\/span>Negative Equity guarantee \u2013 you will never owe more than the value of the property<\/li>\n<\/ul>\n<p>Also, the interest rate you take out will be fixed for the lifetime of the loan, and this can\u2019t be changed.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p>Taking independent financial advice is key to ensuring which product on the market is the perfect fit for your exact circumstances, and with over 25 years experience serving the people of Teddington, Twickenham and Richmond, The Financial Planning Group would be delighted to help provide the information you need.<\/p>\n<p>You should think carefully before securing a loan against your home. This is a lifetime mortgage. To understand the features and risks, ask for a personalised illustration.<\/p>\n<p><strong>Please call Steve Padgham on 020 8614 4782 to arrange a meeting at our office in central Teddington or <a href=\"mailto:steve.padgham@fpgonline.co.uk\">e-mail steve.padgham@fpgonline.co.uk<\/a><\/strong><\/p>\n<\/div>\n<div class=\"\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>If you are aged 65 or over and living in, or buying, your own home with a small or no mortgage and want to borrow \u00a310,000 or more, there is a new \u2018optional payment lifetime mortgage\u2019 product you may be interested in \u2013 especially if you\u2019d like to pay some, or all, of the monthly [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[],"class_list":["post-2792","post","type-post","status-publish","format-standard","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>New Optional Payment Lifetime Mortgages For The Over 65s - The Financial Planning Group<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.fpgonline.co.uk\/index.php\/optional\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New Optional Payment Lifetime Mortgages For The Over 65s - The Financial Planning Group\" \/>\n<meta property=\"og:description\" content=\"If you are aged 65 or over and living in, or buying, your own home with a small or no mortgage and want to borrow \u00a310,000 or more, there is a new \u2018optional payment lifetime mortgage\u2019 product you may be interested in \u2013 especially if you\u2019d like to pay some, or all, of the monthly [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.fpgonline.co.uk\/index.php\/optional\/\" \/>\n<meta property=\"og:site_name\" content=\"The Financial Planning Group\" \/>\n<meta property=\"article:published_time\" content=\"2021-03-24T08:16:20+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-03-24T08:23:44+00:00\" \/>\n<meta name=\"author\" content=\"fpgonline\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"fpgonline\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.fpgonline.co.uk\\\/index.php\\\/optional\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.fpgonline.co.uk\\\/index.php\\\/optional\\\/\"},\"author\":{\"name\":\"fpgonline\",\"@id\":\"https:\\\/\\\/www.fpgonline.co.uk\\\/#\\\/schema\\\/person\\\/ca7cc77e66f7465100af51d9355d408c\"},\"headline\":\"New Optional Payment Lifetime Mortgages For The Over 65s\",\"datePublished\":\"2021-03-24T08:16:20+00:00\",\"dateModified\":\"2021-03-24T08:23:44+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.fpgonline.co.uk\\\/index.php\\\/optional\\\/\"},\"wordCount\":387,\"commentCount\":0,\"articleSection\":[\"Latest News &amp; 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