How long does it take to arrange a Retirement Interest-Only Mortgage?
It usually takes about eight weeks for you to get your money from when we receive your application. If the mortgage is to provide you with a cash sum, this will be paid to you via your legal adviser.
How can I pay my mortgage?
The easiest way to pay is by direct debit each month. The form for this is included with your mortgage application.
We’ll set up the direct debit with your bank and collect payment each month on a set date.
You can also make payments by standing order or regular transfers from a savings account.
What if I want to move home later on?
If you move home and want to transfer this mortgage to a new property, you can do this if the application satisfies our normal lending criteria. If the new property is of a lower value, you may be required to repay part of the outstanding mortgage balance.
What if my circumstances change?
If you want someone else to move into your home with you, for example a member of your family, you must obtain the permission of Scottish Building Society before they move in. Similarly, if you wish to change the ownership of your home from single to joint (for example, if you were to marry), the mortgage may become repayable. Scottish Building Society will assess each change of circumstance individually.
What happens if I decide I don’t want the mortgage anymore?
If for any reason you no longer want the Retirement Interest-Only Mortgage, you can repay the amount you owe to the Society at any time. There could be a charge for early repayment (see Early Repayment Charges above). You should let us know if you plan to move, or have moved, into long-term care. It’s your estate executor’s responsibility to inform us of your death.
What if I want to borrow more money in the future?
If your income and/or the value of your home goes up significantly, we’ll consider lending you more in the future.
Could my tax position or entitlement to benefits be affected?
A cash lump sum could affect your tax liabilities so it’s a good idea to get more information and/or advice on tax issues before taking out a Retirement Interest-Only Mortgage.
The law relating to taxation could change in the future and you can contact HM Revenue & Customs to check how your tax position may be affected.
A cash lump sum could also affect your entitlement to welfare benefits (such as pension credit and housing benefit) depending on your financial circumstances.
You should contact the Department for Work & Pensions or the Citizens Advice Bureau if you need to talk through any welfare benefits issues in more detail.
Legal advice associated with Retirement Interest-Only Mortgages may attract additional costs over and above solicitors standard charges.