What is a lifetime mortgage?

One of our lifetime mortgages could help you pay off your interest-only mortgage balance in full, including any Early Repayment Charges that may apply.

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.

Our Lifetime Mortgages are available to homeowners aged 55 (50 for Payment Term Lifetime Mortgage) or over. Depending the Lifetime Mortgage you choose, you can take the money as a lump sum or as a series of lump sums. The interest rate is fixed for life.

No repayments are required until you die or move out of your home and go into long-term care, unless you choose a Payment Term Lifetime Mortgage which requires full monthly interest only payments for a chosen payment term. As a last resort, your home may be repossessed if you do not keep up with payments on the Payment Term Lifetime Mortgage.

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.

Equity release calculator

This calculator helps you see how much equity you could release with a lifetime mortgage, a loan secured against your home. We'll ask you to register your details to show you the calculation, then give you a call.

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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.

We'll use your address to look up your property ahead of our call to assist you with your enquiry.

  Interest Roll Up Lifetime Mortgage Optional Payment Lifetime Mortgage Payment Term Lifetime Mortgage
Age 55+ 50+
Minimum property value considered £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 Lump sum
Minimum initial lump sum £10,000
Minimum additional drawdown amounts for each release £1,000 £1,000 Drawdown not available
Maximum loan amount Determined by your age and property value. Determined by your age, affordability 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. Yes, you will pay the full interest amount each month for a chosen payment term. This will reduce the overall cost of the loan and may mean that you are able to borrow more than with other lifetime mortgages.
Will I still own my home? Yes, the property stays in your name and the loan is secured against your home. Yes, the property stays in your name and the loan is secured against your home. However, as a last resort, your home may be repossessed if you do not keep up with payments.
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. The No Negative Equity Guarantee will not apply to any missed monthly interest payments and the interest on them. If the sale of your property doesn’t cover these, we’ll ask your beneficiaries to settle the balance.
Is the interest rate fixed? Yes. The interest rate is fixed for the life of the loan.