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Pension mortgage |
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Pension mortgageA 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.Pension mortgageA type of personal pension plan which utilises the tax free lump sum entitlement from the pension fund at retirement age to repay a mortgage whilst the remainder is (and must be) used to provide a pension. Throughout the mortgage term the borrower pays interest to the lender such as a building society or bank whilst additionally making payments into the pension scheme. Tax relief is allowable on both the interest payments to the lender and on the contributions to the pension scheme which makes this type of plan attractive.Similar MatchesForeign currency mortgageForeign currency mortgageIt is possible to get a mortgage for your home in the UK in a mortgage denominated in a foreign currency. It sometimes gives you the opportunity to borrow money at a lower rate of interest than is possible in the UK. You do this by choosing a currency whose country has lower interest rates than we have here. Lower interest rates should mean lower repayments of both capital and interest or a shorter mortgage term. The mortgage does not have to be in any single currency. There are lenders who will allow you to spread your mortgage across a range of different currencies. This could be seen as spreading the risk Collateralized mortgage obligation (CMO)Collateralized mortgage obligation (CMO)A security backed by a pool of pass-through rates , structured so that there are several classes of bondholders with varying maturities, called tranches. The principal payments from the underlying pool of pass-through securities are used to retire the bonds on a priority basis as specified in the prospectus. Related: mortgage pass-through security. Wholesale mortgage bankingWholesale mortgage bankingThe purchasing of loans originated by others, for the acquisition of the servicing rights. Fixed term reverse mortgageFixed term reverse mortgageA mortgage in which the lending institution provides payments to a homeowner for a fixed number of years. H Hard Money MortgageH Hard Money MortgageA mortgage given in return for cash, rather than to secure a portion of the purchase price, as with a purchase money mortgage. Further SuggestionsremortgageTake back mortgage Shared Appreciation Mortgage (SAM) Flexible mortgage first mortgage Residential mortgage Mortgage servicing Mortgage confirmation Guaranteed Mortgage Certificates (GMC) reverse annuity mortgage First mortgage Council of Mortgage Lenders mortgage interest deduction Growing Equity Mortgage (gem) Remortgage Mortgage pipeline Euro mortgage Mortgage Wraparound mortgage Blanket Mortgage Mortgage advance Conventional mortgage Freddie Mac (Federal Home Loan Mortgage Corporation) reverse mortgage Mortgage Company |
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