Flexible Lifetime Mortgage

We’ve introduced a dual valuation approach

In light of the recent changes to lockdown measures in England, Wales and Scotland, we’ve introduced a dual valuation approach. For new applications you're now able to select the client’s preference for a physical or desktop on Apply Online. Read our property valuations article below for more information about this process and how this will affect our valuations.

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.

To help explain this product to your client, we've created some useful marketing templates for you to download.

View - Marketing templates 

What is it?

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.

Lifetime Mortgage FAQs