This web page is for adviser use only.
If you're not an adviser, you can find out more about our Flexible Lifetime Mortgage by clicking below.
Increasingly people are borrowing later in life, sometimes when approaching or already in retirement. There are many reasons for this, perhaps they're hoping to make the most of their retirement years with travel plans, home improvements or lifestyle changes. Or, they may have credit commitments or an interest only mortgage that is due for repayment and need to find a solution.
A lifetime mortgage is a type of equity release that allows your client to unlock some of the equity from their home without having to move. It's a loan secured against their home to give them a cash lump sum or smaller amounts, tax-free, that they can take as and when they need.
There are no monthly payments with our Flexible Lifetime Mortgage. Instead the interest is added to the amount they owe each month. This means we charge interest on the loan plus any interest already added. The amount is usually repaid from the sale of their home when they or the remaining applicant (if the mortgage is in joint names) dies or moves out of their home into long term care.
Our Flexible Lifetime Mortgage is for clients who want to borrow at least £10,000.
PDF file: Flexible Lifetime Mortgage product summary Q0052431 PDF size: 290KB
You can use our lifetime mortgage calculator with your client to see how much they can release and show them the impact of interest and house price growth.
You can refer your client to The Retirement Lending Advisers (TRLA) and still earn commission. You’ll keep your client relationship and they’ll manage the application through to completion.
This website is designed to give professional financial advisers information and tools that they can use to help control and develop their business and should not be relied upon by private investors or any other persons.