long term interest only mortgages

[Erith]

Hi there,

I hope somebody can help me with this.

Is there a long term (10+ year) interest only mortgage available on the Irish market? I am after a product to perform the same function as a reversionary mortgage but without the rip-off terms. I want to assist my parents, in their 60s, buy a house with capital to be repaid when the property is sold. Less than 100k required for a house with estimated value well over 500k.

The banks say 3 years max.

Cheers, E

 

[LDFerguson]

I don't understand the query - equity release schemes for the over 60s are for people who already own their home and want to release money from it, to fund other things, like home improvements, medical costs etc., without having to sell the property.

But you mention that you want to assist them buy a house?