Lifetime Mortgages

Lifetime Mortgages

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%