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Pension mortgage

The mortgage definition for Pension mortgage:

A type of interest-only mortgage where your mortgage payments are combined with payments into your personal pension fund. This is designed to mature on your retirement, so the mortgage loan term must end between the ages of 50 and 75 unless the borrower is in an industry where the Inland Revenue permits earlier retirement. The pension also needs to provide you with an income during retirement, so only twenty five percent of the pension fund can be taken as a lump sum to pay of your mortgage.

Similar Matches

Assumable mortgage

Assumable mortgage
A mortgage that can be transferred to another borrower.

Balloon mortgage

Balloon mortgage
A mortgage in which monthly installments are not large enough to repay the loan by the end of the term. As a result, the final payment due is the lump sum of the remaining principal.

Biweekly mortgage

Biweekly mortgage
A mortgage that requires payments every two weeks and helps repay the loan over a shorter term.

Further Suggestions

Blanket mortgage
Buy down mortgage
Cap & collar mortgage
Capped rate mortgage
Cashback mortgages
Chattel mortgage
Cooperative mortgages

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Pension mortgage
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