Our Premier Flexible Lifetime Mortgage allows homeowners to release some of the equity that's tied up in their home, tax-free. It will allow your client to release some of the full loan amount now and then come back later to borrow more, up to the full loan amount. Releasing more from the full loan amount later may cost more or less depending on the current interest rate at the time.
- This product offers our lowest interest rate with lower loan to values and a higher minimum loan requirement than our other Flexible products.
- Your client won’t have to make any monthly payments. The loan and interest only needs to be repaid when they die or move into long-term care.
- Your clients can choose to protect a percentage of the property sale price for their beneficiaries, after deducting the sale costs. This inheritance protection option will reduce the amount your client can borrow.
- Our Lifetime Mortgages come with a no negative equity guarantee. It means that even if your client’s home goes down in value, they’ll never have to pay back more than the amount the property is sold for. This is on the condition the property is sold for the best price reasonably obtainable when they die or go into long term care.
CONSIDER IF YOUR CLIENTS
- Are homeowners aged 55 and over.
- Own a home in England, Wales or mainland Scotland.
- Have thought about other options to borrow money that may be more cost effective before considering a lifetime mortgage.
- Want a long term loan of £250,000 or more with the option to borrow more later up to a pre-agreed amount.
- Have discussed the benefits and risks of a lifetime mortgage with their family and friends and they know:
- There may be cheaper ways to borrow money.
- The impact on any inheritance.
- The interest amount is added to the loan each month, which means the loan and outstanding interest amount grow quickly.
- Repaying the loan early is likely to cause a significant early repayment charge.
- Releasing more from the full loan amount may cost more or less depending on the current interest rate at the time.
For further details please see our
Premier Flexible Lifetime Mortgages Product Summary Q53439 (PDF: 121KB)
and other key documents.
See how our lifetime mortgages have made a difference for some of our customers and their families.