What is a lifetime mortgage?

A lifetime mortgage is a type of equity release, a loan secured against your home that allows you to release tax-free cash without needing to move out.

Lifetime mortgages are available to homeowners aged 55 or over. You can take the money as a lump sum or as series of lump sums. No repayments are required until you die or move out of your home into long-term care.

Whether you're looking to pay off an existing mortgage, make some home improvements, or gift money to a family member, a lifetime mortgage could help.

Download our later life mortgage guide to find out more.

Your guide to later life mortgages

Equity release calculator

This calculator helps you see how much equity you could release with a lifetime mortgage, a loan secured against your home. You can also register your details and request a call back if you wish.

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My home is worth around

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This is a guide to the lifetime mortgage products we offer and not advice or a personal recommendation. You can only buy a lifetime mortgage through a financial adviser.

If you request a call back, we'll use your address to look up your property ahead of our call, to assist you with your enquiry.

  Flexible Lifetime Mortgage Optional Payment Lifetime Mortgage
Age 55+ 55+
Minimum property value considered £70,000 or £100,000 for flats, maisonettes, ex-council, ex-housing association or ex-Ministry of Defence properties. £70,000 or £100,000 for flats, maisonettes, ex-council, ex-housing association or ex-Ministry of Defence properties.
How is the loan paid out? Lump sum or series of lump sums Lump sum or series of lump sums
Minimum initial lump sum £10,000 £10,000
Minimum additional loan amounts for each release £1,000 £1,000
Maximum loan amount Determined by your age and property value.
Is the loan secured against my home? Yes.
When do I have to repay the full amount of the loan? The loan is usually repaid when you die or move out of the home and go into long-term care.
How is interest charged on the loan? Interest is charged on the loan amount plus any interest already added, so the amount owed will increase quickly over time unless you pay off some or all of the interest. You may have cheaper ways to borrow money.
Do I have to pay interest every month? No - but you can choose to make partial repayments if you want to manage the amount owed on the loan and interest. No - but you can pay some or all of the monthly interest to reduce the overall cost of the loan, and you can stop making payments at any time. If you choose to stop payments, you can't restart them.
Can I end up owing more than the home is worth? No. With our No Negative Equity Guarantee, as long as you follow the terms and conditions of the loan, you'll never owe more than the home is worth.
Is the interest rate fixed? Yes. The interest rate is fixed for the life of the loan.