April Mortgages has enhanced its interest only proposition, launching its interest only+ for over 50s.
The product has a £24,000 minimum application income, no minimum equity requirement and no maximum age at the end of the mortgage term for sole applicants.
Interest only and part & part affordability will also now be assessed on an interest only and part & part basis respectively, rather than on a capital repayment basis.
April says the changes are designed to make interest only accessible to a wider range of borrowers.
Interest Only+ is available with April’s five-, 10- and 15-year fixed rates.
For clients aged over 50, Interest Only+ accepts a range of retirement income, including State Pension, private and workplace pensions and Pension Credit. It can also consider 4% of the pension pot as annual income.
For sole applicants, there is no maximum age at the end of the mortgage term.