As PPI claims get thinner on the ground and the ambulance chasers look for the next financial miss-selling saga, there’s talk about interest only mortgages being the next big thing.
If you advised older clients on interest only mortgages before the credit crunch and they didn’t have the funds or forecasted income to repay the mortgage at the end of the term, there is potential for some liability on the advisors part.
One way to avoid this future miss-selling scandal, is to profile your clients that are over the age of 55 and refer them for a Lifetime Mortgage.
A Lifetime Mortgage is an interest only mortgage without a term. Its repayable on death and most lenders don’t do a credit search. The loan criteria is based on the value of the property and the client’s age.
To find out if your clients qualify, call us now on 01204 884545 to see how we can help.