Compare our later life mortgages
Lifetime mortgages and retirement interest-only mortgages 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 | 55+ | 55+ |
Minimum loan amount | £10,000 | £10,000 |
Maximum loan amount |
Determined by your age and property value | 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? | No | 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 - interest is charged on the loan amount plus any interest already added, so the amount owed will increase quickly over time. However, you can choose to pay off some or all of the monthly interest to prevent this. | 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. |
Actions | Our Lifetime Mortgages | Our Retirement Interest Only Mortgage |
A mortgage may affect means-tested benefits, your tax position and any future inheritance.
*Terms and conditions

Speak to one of our specialist advisers
Call us for a no-obligation chat about later life mortgages.
0808 163 8828
Monday to Sunday 8:30am - 8:00pm
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