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Mortgage loans or real estate loans are loans used to purchase land or buildings such as houses or factories. These are typically long-term loans and the interest rate charged can be either a variable or a fixed rate for the term of the loan, which often ranges from 15 to 30 years. The land and buildings purchased serve as the collateral for the loan.

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Pension Linked Mortgage

The pension linked mortgage is a type of mortgage that is similar to the Interest Only Mortgage in the borrower pays a regular amount into an assurance scheme and into a pension fund, and when they retire the mortgage is paid off from that fund.

The assurance scheme covers the mortgage in case of death before retirement age.

Pension linked mortgages are suitable for those who's income is substantial and therefore will definitely be able to pay the lump sum at retirement from the pension. Failure to do so could lead to repossession of you home and for this reason it is important that the borrower ensures that the payments made to the pension fund is correct and regular.

The tax breaks of paying into a pension are there (pension payments are non taxable) but you could be left with an insufficient pension fund once the mortgage has been paid off.

Pension linked mortgages work exceptionally well but not for everyone, if you would like to talk to us in more detail about pension linked mortgages contact us today.

 

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