Choose between single or joint application
What product would you like to show your client?
Our Interest Roll Up and Optional Payment Lifetime Mortgages can be taken as a lump sum or with drawdown options. Our Payment Term Lifetime Mortgage can only be taken as a lump sum.
Client's age
Your client must be over 50 to qualify for a Payment Term Lifetime Mortgage or 55 to qualify for an Interest Roll Up or Optional Payment Lifetime Mortgage.
For joint applications, please use the age of the youngest applicant.
Property value
This property must be your client's primary residence to qualify for a lifetime mortgage.
Loan type
Your client can choose to take the maximum available now in one go, or where available in smaller amounts as and when they need it.
Inheritance protection
Your client can choose to protect a percentage of the property sale price after deduction of all sale costs, to pass on to any beneficiaries when they die.
Please select the amount they would like to protect.
Your client should consider discussing the impact of a lifetime mortgage on their inheritance with their family or beneficiaries before making a decision.
Selecting this option will reduce the amount your client can borrow.
Inheritance Protection is a percentage of the Net Sale Proceeds.
Net Sales Proceeds is the sale price of your client's home less expenses.
Loan Amount
Your client could borrow between £10,000 and .
Select how much they would like to borrow.
A maximum loan amount is set at outset and your client can drawdown up to this maximum.
Loan amount
Your client may be able to borrow between £10,000 and .
Select how much they would like to borrow as an initial lump sum.
A maximum loan amount is set at outset and your client can drawdown up to this maximum.
Initial lump sum
£Select how much your client would like to borrow as future drawdowns and when to receive them. There is currently remaining.
For the purpose of these drawdowns, we will use the same interest rate selected for the initial advance. Remember the interest rate may be higher or lower depending on interest rates at the time the drawdown is taken.
Initial Loan Amount
Your client may be able to borrow between £10,000 and £x.
Select how much they would like to borrow as an initial lump sum, monthly interest payment amount, and monthly interest payment term.
A maximum loan amount is set at outset and your client can draw down up to this maximum.
The maximum loan showed below is based on the lowest payment term we can offer.
For Payment Term Lifetime Mortgages, the payment term cannot extend into retirement and must end no later than the applicant's planned retirement age.
For joint applicants where only one applicant is in employment, the payment term cannot extend beyond the employed applicant's retirement age. For joint applicants where both are still employed, the payment term cannot extend beyond the first retirement age. In all instances, the payment term cannot extend beyond any applicant's 75th birthday.
Initial loan amount
£Monthly interest payment amount
The minimum amount your client could pay is £25. The maximum amount your client could pay is .
For the Payment Term Lifetime Mortgage your client can’t choose the amount as they must pay all of the interest.
Would your client like to pay:
These repayments will last as long as the payment term selected on the initial release.
Retirement Age
Please select your client's expected retirement age. For joint borrowers where both are in employment, please select the earliest retirement age. If only one borrower is employed, please select their retirement age.
Monthly interest payment term
Please select how long your client would like to make payments for.
For the purpose of these drawdowns, we will use the same interest rate selected for the initial advance. Remember the interest rate may be higher or lower depending on interest rates at the time the drawdown is taken.
Drawdown
Select how much your client would like to borrow as future drawdowns and when they'd like to receive them. There's currently remaining.
Your client will need to decide whether they want to make monthly interest payments on the futher drawdowns.
Does your client want further drawdowns?
For the purpose of these drawdowns, we will use the same interest rate selected for the initial advance. Remember the interest rate may be higher or lower depending on interest rates at the time the drawdown is taken.
Interest Rate
Please select an interest rate to use for the initial calculation, you can change this in the results page if you'd like to show your client comparisons of different interest rates.
Please select an interest rate to use for the initial calculation. The interest rate selected will be used to calculate the maximum monthly interest payment amount.
Please select an interest rate to use for the initial calculation. The interest rate selected will be used to calculate the monthly interest payment amount.
Interest rates will depend on your clients individual circumstances. Generate a KFI for a personalised illustration.
Would you like to add the £599 arrangement fee to the loan?
Things to consider
When discussing monthly interest payments with your client it's important
to mention the graph shows the effects of the interest payments as set out
in the calculator.
Please remind your client that when the payment term ends the unpaid interest
is added to the amount they owe each month. This means the amount they owe will
quickly increase over time and reduces the equity left in the home, especially
if the loan continues for a longer period than expected.
Things to consider
When discussing monthly interest payments with your client it's important
to mention the graph shows the effects of the interest payments as set out
in the calculator.
Please remind your client that when the payment term ends the unpaid interest
is added to the amount they owe each month. This means the amount they owe will
quickly increase over time and reduces the equity left in the home, especially
if the loan continues for a longer period than expected.
As a last resort, your client’s home may be repossessed if they don’t keep up
with monthly payments.
This graph is based on an interest rate of %. To change the interest rate please go back to that step as it will change your client's monthly interest payment amount.
- Your loan
- Interest owed
- Equity
- Retirement age
- Inheritance Protection ( of net sale proceeds)
Now you’ve found out how much your client could borrow on our Payment Term Lifetime Mortgage, you’ll need to reach out to your dedicated Account Manager to discuss your clients affordability assessment. To locate your Account manager, please use the ‘Find my Account Manager tool’.
| Equity based on houseprice growth of: | |||||||
|---|---|---|---|---|---|---|---|
| End of year | Client's age | Interest charged | 1% | 0% | -1% | Owed (Loan value and interest owed) | |
| Drawdown start of year of | |||||||
| Equity based on houseprice growth of: | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Year | Client's age | Balance at start of year | Interest charged | 1% | 0% | -1% | What the client pays | What the client owes | |
| Drawdown start of year of | |||||||||
| Initial lump sum: + Drawdown at start of year : = Balance at the start of : | |||||||||