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
Minimum property value considered £100,000 £100,000
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.

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