Lifetime Mortgages are available to applicants aged 55 and over and are designed for people wishing to borrow funds on a lifetime basis, i.e. the provider would not expect the loan to be repaid until the eventual death of the last applicant or until all applicants move into long-term care.
This is a lifetime mortgage. To understand the features and risks ask for a personalised illustration.
Lifetime mortgages are available in several variations. They allow you to either:
- Pay the interest monthly so that the amount owed never increases
- Make no payments with all interest being added to the loan and the amount owed increasing year on year
- Have the ability to make optional payments each year penalty free of any amount between nothing and 10%