Retirement interest only mortgages intermediaries

If you’re shopping around for a mortgage designed for people who are retired, you may find the process a bit bewildering. For example, 64% of people* have taken out a mortgage or personal loan without fully understanding how it works, while a meagre 4% of those over 50** even knew they could get a new mortgage.

The truth is, that mortgage options in retirement are broader and better than ever.

Fundamentally, retirement mortgages shouldn’t be complicated, especially considering the 2023 Consumer Duty standards set by the Financial Conduct Authority (FCA).

How Consumer Duty affects your mortgage in retirement

The FCA set up Consumer Duty guidelines to ensure “the best outcomes for consumers”.

They did so by placing more responsibility on mortgage lenders and advisers to prioritise your interests, whether you’re approaching retirement, or you’ve already hung up your hat.

When they offer you a range of options to consider, they’ll need to make it easy for you to understand how they’re similar and the differences between them.

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