This web page is for adviser use only.
If you're not an adviser, you can find out more about our Lifetime Mortgages by clicking below.
COVID-19 update for OPLM:
During this difficult period we've changed our process to allow our customers to miss any number of payments up to and including 28 February 2021, which won’t count towards their 6 missed payments total allowed in the product terms. We hope this will help those who find themselves in financial difficulty due to COVID-19. If they wish, all OPLM customers continue to have the ability to stop making monthly interest payments at any time and convert to interest roll-up.
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.
Our Optional Payment Lifetime Mortgage is different to our Flexible Lifetime Mortgage because it allows your client to pay some, or all, of the monthly interest by Direct Debit.
There’s no affordability assessment and your client can stop making monthly interest payments at any time. Paying the interest will reduce the overall cost of the loan.
It’s estimated that there are over one million homeowners in the UK who have an interest-only mortgage, and have no way of repaying what they have borrowed at the end of their term.
Our Optional Payment Lifetime Mortgage could help them repay their outstanding mortgage debt and continue with their routine of paying their interest monthly.
Clients coming to the end of their interest-only mortgage?
We've created some useful marketing templates for you to download.
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.