Interest Roll Up Lifetime Mortgage

Am I eligible?
You must be 55 or over and living in (or buying) your own home, with either a small or no mortgage. Your home will need to be worth a minimum of £70,000 or £100,000 for flats, maisonettes, ex-council, ex-housing association or ex-Ministry of Defence properties.

I want to take lump sums
An Interest Roll Up Lifetime Mortgage lets you take a one off lump sum, or smaller amounts as and when you need them. You can borrow a minimum of £10,000 in your first release and then future lump sums of at least £1,000 each time.

I want some flexibility later
If you want the option to release more equity in the future, then an adviser can help you achieve this with a lifetime mortgage.

I want some flexibility later
If you want the option to release more equity in the future, then an adviser can help you achieve this with a lifetime mortgage. If you take smaller amounts later, a different interest rate may apply to each amount to take, depending on interest rates available at the time.

Impact on inheritance
A lifetime mortgage will reduce any inheritance you wish to leave. When you apply for a lifetime mortgage, there's an option to take inheritance protection to secure a proportion of the net sale proceeds of your home.

Early Repayment Charges
As a lifetime mortgage is designed to last a lifetime. If you decide to repay your lifetime mortgage in full, you may have to pay an Early Repayment Charge which could be substantial, so think carefully before you decide.

Moving home
You can move home, and the loan will be transferred as long as the new property meets our requirements.

Means tested benefits
Taking out a lifetime mortgage may affect your entitlement to means-tested benefits or pension credit.

Compound interest
Interest is charged on the loan, plus any interest already added. So, if you don’t pay some or all of the monthly interest, the amount you owe will increase quickly over time. There may be cheaper ways to borrow money.