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.

April Mortgages director of product, portfolio and operations James Pagan says: “Being over 50 doesn’t mean borrowing needs disappear. Yet for many older borrowers, the range of mainstream mortgage options can narrow significantly as they approach or enter retirement.”

“With Interest Only+, we want to give advisors another option to consider. A £24,000 minimum income for over 50s, broader acceptance of pension income and no maximum age at the end of term for sole applicants mean we can look at cases that may previously have needed to move towards specialist later-life lending.”