Information on how making repayments can impact your lifetime mortgage.
Information for you to consider if you wish to repay your lifetime mortgage early.
Information on things to consider if you're thinking about moving home.
Our Lifetime Mortgages allow you to withdraw additional sums in minimum withdrawals of £2,000 from your Drawdown Facility. You'll find details about your Drawdown Facility and how the lifetime mortgage works in the Key Facts Illustration, Offer of Loan and the Terms and Conditions documents you were given when you took out your lifetime mortgage. You may find these documents helpful during the drawdown request process.
Please remember, the drawdown facility is not guaranteed and will be considered within the parameters of your current lifetime mortgage and in accordance with the conditions of drawdown as set out in your Offer of Loan and Terms and Conditions.
If you would like to request a drawdown you can do this by completing our online drawdown request form, alternatively you can call us on 03330 048444, lines are open Monday to Friday 8.30am to 5.30pm.
Call charges will vary. We may record and monitor calls.
Adding a borrower
You may be able to add someone to the lifetime mortgage as a joint borrower, for example due to a marriage or registered civil partnership, subject to our lending requirements at the time.
You would need to complete a new application form, giving details of the new borrower and you would both need independent financial and legal advice.
We may require you to repay part of your lifetime mortgage if it exceeds the amount that we would agree to lend to a new borrower (of equivalent age) in comparable circumstances. If you have Inheritance Protection and have to repay part of your lifetime mortgage, you may choose to reduce or remove the Protected Percentage instead.
Removing a borrower
If you have a joint mortgage and one of you decides to leave the property for any reason, you must tell us as soon as possible. If you wish us to consider removing this person from the lifetime mortgage you would need to confirm that you are both in agreement and have both received independent legal advice.
Alternatively, you may have to repay your lifetime mortgage in full, in which case an Early Repayment Charge may apply.
If you decide that you want to add or remove a borrower from your lifetime mortgage, please call us on 03330 048444. We will explain how it could affect your lifetime mortgage, the steps you need to take and answer any questions you may have.
Unlike a residential mortgage, lifetime mortgages don’t have a set repayment date and you don't have to make monthly payments. The lifetime mortgage is repayable when you (or, if borrowing jointly, both of you) dies or moves into long term care.
We realise that this may be a difficult time and for this reason, we allow you a 12 month period to enable you or your estate to repay the lifetime mortgage.
The loan is usually repaid through the sale of your property with the proceeds being used to repay your lifetime mortgage. Where Inheritance Protection has been taken out you or your estate will retain at least the Protected Percentage amount, providing you have adhered to our Terms and Conditions.
In some circumstances, the lifetime mortgage has to be repaid in full. These are outlined in our Terms and Conditions. Remember, this full amount will include the original amount borrowed, any further drawdowns, any unpaid costs or charges interest.
If someone close to you dies and they had a lifetime mortgage, you can call us on 03330 04844 to notify us of their death. Lines are open Monday to Friday 8.30am to 5pm.
For more information read our step-by-step bereavement guide.
PDF file: Drawdown request PDF size: 36KB
If you’d like to request a drawdown from your lifetime mortgage, please print and complete this form by following the simple instructions.
PDF file: Your guide to lasting Power of Attorney PDF size: 174KB
To find out more about Lasting Power of Attorney and how it could protect you and your family in the future, please download the lasting power of attorney leaflet.
PDF file: Avoid falling prey to fraudsters PDF size: 144KB
To find out more about how you can protect yourself from common scams, please download the scam leaflet.
PDF file: Customer assistance PDF size: 1.1MB
Download our leaflet, to find out how to access free independent guidance on a range of issues including: health, finances and legal matters.
PDF file: Third party consent form PDF size: 32KB
If you would like to give authority for a family member or friend to talk to us on your behalf, please print and complete this form by following the simple instructions.
PDF file: Adviser Consent Form PDF size: 32KB
If you would like to give your authority for your adviser to talk to us on your behalf, please print and complete this form by following the simple instructions.
PDF file: Tariff of charges PDF size: 64KB
To find out more about standard fees and charges on our Lifetime Mortgage products, please download the tariff of charges.