Compare our later life mortgages

Our Lifetime Mortgages and Retirement Interest Only Mortgage may appear similar, but it's important to understand the differences between each product.

We've pulled out some of the key points below.

  Our Lifetime Mortgages Our Retirement Interest Only Mortgage
Age 50+ for our Payment Term Lifetime Mortgage

55+ for our Interest Roll Up and Optional Payment Lifetime Mortgages
55+
Minimum loan amount £10,000 £10,000
Maximum loan amount Determined by your age and property value.

For our Payment Term Lifetime Mortgage an affordability assessment is also required.
Up to 60% of the value of your home, subject to an affordability assessment
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.
Is there an affordability assessment? Yes, for our Payment Term Lifetime Mortgage

No, for our Interest Roll Up and Optional Payment Lifetime Mortgages
Yes
Is the loan secured against my home? Yes 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 your home into long-term care. The loan is usually repaid when you die or move out of your home into long-term care.
Do I have to pay interest every month? No, for our Interest Roll Up and Optional Payment Lifetime Mortgages, the interest is charged on the loan amount plus any interest already added, so the amount owed will increase quickly over time. However, with our Optional Payment Lifetime Mortgage you can pay off some or all of the monthly interest to prevent this.

Yes, for our Payment Term Lifetime Mortgage, you have to pay the full interest monthly for your chosen payment term. As a last resort, your home may be repossessed if you fail to keep up repayments.
Yes - the interest due is payable in full by you each month. As a last resort, your home may be repossessed if you fail to keep up repayments.
Is the interest rate fixed? Yes. The interest rate is fixed for the life of the loan. Yes. The interest rate is fixed for the life of the loan.
  Our Lifetime Mortgages Our Retirement Interest Only Mortgage

A mortgage may affect means-tested benefits, your tax position and any future inheritance.

Real life stories

See how some of our customers have used lifetime mortgages to make a difference for themselves and their families.

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Get later life mortgage advice from our specialists today

Start getting answers to your questions about later life mortgages to help you decide if this is the right option for you.

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