You make one payment each month and as long as all payments are made on time the mortgage is guaranteed to be repaid at the end of the term. Repayment Mortgage. Although not always the owner-occupier of the property, the Trustees would sign and be responsible for meeting the terms of the Loan Agreement. For more information on our First Home Loans please click here. A part and part mortgage is a combination of the two methods, where you pay back only part of the amount borrowed over the term of the loan together with interest. One of the key eligibility criteria for an SBS Unwind Loan is the age of you and any other nominated residents who also occupy the property. A common example is you may need to move into care but your partner may wish to continue to reside in your home, having them listed as a Nominated Resident means you won’t have to repay the loan until they leave the property as well. A mortgage loan is likely to be unsuitable if you want to repay the borrowing over a period shorter than 5 years. Where the borrower has earned income which will support part of the mortgage a limited guarantee may be taken i.e. A report by Moody's warns there will be a rise in the number of people struggling with repayments once their interest-only mortgage period ends. SBS Unwind loans are available for trusts. content or accuracy. Drylie said changing attitudes would see reverse mortgages become more popular in New Zealand. For more information on our Residential Home Loans please click here. They want their family to go and enjoy life. A Reverse Equity Mortgage won’t suit everyone and there are alternative options you may wish to consider helping fund your needs during your retirement years. All Rights Reserved. Lending Standard Contract Terms and additional Reverse Equity Mortgage Fees and Charges apply. We love getting people into their first homes! You do not have to arrange this insurance through Scottish Building Society. Specific credit and eligibility criteria apply. A variable interest rate can change at any time and tends to be affected by changes to External Rates such as the Bank of England Base rate.

However both of these may change at any time. If you move into another house, you may apply to transfer your SBS Unwind Loan to your new home. You may wish to bring them or another trusted person to meet one of our team to discuss your options. You make one payment each month and as long as all payments are made on time the mortgage is guaranteed to be repaid at the end of the term. We Kiwis are completely smitten (even a little obsessed) with home ownership. Taking out a loan against your home is a big decision, especially when you’re retired. We may need to reassess your situation to determine whether you have enough equity remaining in your property to do so and we don’t want them to be left in a situation that requires the loan to be repaid after something happens to you, while they are still living in the property. To talk to us about an existing savings or mortgage account, contact your local office, Copyright © 2020 Scottish Building Society. The illustration therefore is not a guarantee of future interest rates but can only provide you with an indication of the costs. Our team are able to answer any questions or concerns you may have about SBS Unwind to help determine if it is the right product for you. Simply give us a call on 0800 727 2265 to find out more. Minimum age of 60 applies for personal borrowers and nominated residents. To view our interest rates page for residential lending please click here.

To view our interest rates for Residential Investing Lending please click here. Calls may be recorded and/or monitored.

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