Lifetime Mortgage?

A Lifetime Mortgage is a mortgage where you are not required to pay back the loan until the house is sold, or you go into residential care. They are usually available for people over 55.

There are three types:-

Interest only:- You are required to make payments of interest to the lender monthly
Interest roll up :- The mortgage is interest only, however you make no payments to the lender. The interest charged is rolled up into the loan. With this form of Lifetime Mortgage, the debt increases over time.
Home Income Plan :- Here your mortgage is used to buy an annuity (insurance policy), which provides a fixed income for life. The interest rate is fixed, and the annuity is used to make the interest payments to the lender monthly, the surplus being used as an income for you.

 

 

This is a lifetime mortgage. To understand the features & risks, ask for a personalised illustration.

Your home may be repossessed if you do not keep up repayments on your mortgage. Please consult a qualified financial adviser before considering any form of equity release.