Repay Your Interest Only Mortgage – Using Retirement Mortgages – Lending Beyond Retirement Age …

Our friends at Compass Mortgages have been approached recently by a number of clients where their mortgage terms are coming to an end in line with their retirement. Many lenders refuse to continue mortgages past retirement age, making them unsuitable for the clients purposes.

We have met clients who feel pressured by their current lender and some have almost been placed in “breach of mortgage contract” by their  lender, because they have struggled to find a replacement product. We are here to assist and help in these circumstances.

Real Life Situations by Chris Morgan, Retirement Mortgage Expert

Names: John and Margaret, Ages 55 and 62, Approaching Retirement, Existing Self Certified Mortgage (coming to an end)

John and Margaret were worried about their Interest Only mortgage which still was outstanding on their property valued at £900,000. They took out a Self certified mortgage around 15 years ago and were not required to provide a repayment vehicle by the lender. This means they are short of options to repay this amount, as the end of term gets nearer.

We helped them draw £100,000 on a Retirement Mortgage to clear their £76,000 mortgage, so they could remain in their property and have a cash reserve to use as they choose. The new arrangement was an Interest Only Mortgage, which still has monthly interest payments, unlike Lifetime Mortgages which do not.

Client Quotes: 

“It is very important to us both that we are able to remain in the property, without the pressures of moving and changing social aspects of our lives. The former Interest Only Mortgage had become a burden to us, with the term ending we knew that something would need to be done”.

We had looked at several options, including Lifetime Mortgages, but decided that because we have regular pensions coming in, it was best to pay the interest on a monthly basis and not allow it to roll up. This was best for us, even though the initial set up fees were higher”.

Compass Mortgages Expert Advice … 

Retirement Mortgages are an ideal way to repay an existing Interest Only Mortgage, especially for those that may have interest only mortgages coming nearing the end of it’s term, or may  have ongoing regular pension income to meet monthly Interest payments.

Retirement Mortgages have to be arranged through a qualified financial adviser, who holds the higher level mortgage qualification The Certificate of Regulated Equity Release. This exam covers retirement mortgages and lending into retirement, because lenders now offer highly specialist products.

Retirement Mortgages are different to Lifetime Mortgages as the first of these allows the mortgage holder to continue making monthly interest payments, where with the second there are no monthly repayments.

If you require more information on Retirement or Interest Only Mortgages, you can contact Compass Mortgages on UK 0845 474 3075 or International +44 1404 45397, email at

There is a completely different website for those looking for “Lifetime Mortgages” Our Retirement and Lifetime Mortgage Expert Chris Morgan, can also be reached by email at

Chris Morgan’s full Biography can be read here …

Here is also a direct link to the Free Quick Guide …

Please Note: 

Compass Mortgages are authorised and regulated by the Financial Conduct Authority. Registration number 497173. They charge a fee for arranging a Retirement Mortgage where there are continuing monthly payments. they have a minimum gross earning of £1295, where commission can be offset to reduce this overall amount payable.

Lifetime Mortgage Expert is a Trading Style of Unusual Mortgages who are authorised and regulated by the Financial Conduct Authority. Registration number 497173. The fees for arranging a Lifetime Mortgage, instead of a Retirement Mortgage are different.

They do not charge a broker fee for Lifetime Mortgages (without ongoing monthly payments) where the initial lump sum withdrawal is £50,000 or more (this is not including cash reserve) instead we receive a commission from the mortgage lender.

If you wish to draw less than £50,000 we may charge a small fee to ensure a minimum total earning of £995. Please contact us for a specific quotation. In the Lifetime Mortgage Survey 2018, the average broker fee being charged by a financial adviser for arranging a lifetime mortgage was £1281 and the largest fee charged was £2395.

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  • About Us

    Pink Finance was first launched in the year 2000, as the UK’s first gay finance magazine. Over the years we have covered many discrimination issues affecting gay, lesbian, bi sexual and transsexual people.

    Our articles cover issues such as Gay Life Assurance, Gay Life Insurance, Gay Mortgages, Gay Income Protection, Gay Critical Illness Cover, HIV Life Assurance, HIV Life Insurance and HIV Mortgages.

    We also include feature articles on planning Life Assurance and Mortgages for LGBT and Alternative Families, along with articles with subjects such as Pensions and Investments for LGBT people.

    Our editor, Chris Morgan was part of the consultation group that led to the introduction of HIV Life Assurance and HIV Life Insurance for people living with HIV.

    He was a consultant to the Association of British Insurers for over five years and served on their HIV Insurance Working Group.

    Chris has recently rejoined the ABI working group, assisting them with their latest Best Practice guidelines and agreeing to write a new HIV and Insurance consumer guide.

    Our sponsors Compass have a long history of supporting worthy causes within the gay and HIV communities. Currently they are supporting NAM AIDSMAP who work to change lives by sharing information about HIV and AIDS.

    They believe that, wherever you are in the world, having independent, clear and accurate information is vital in the fight against HIV and AIDS.

    Compass Mortgage & Insurance Services is Authorised and Regulated by the Financial Conduct Authority.