Whether you're looking to pay off an existing mortgage, or to release some equity from your home to spend on yourself, your home or your family. One of our later life mortgages could help.
|Our Lifetime Mortgages||Our Retirement Interest Only Mortgage|
|Minimum loan amount||£10,000||£10,000|
|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. Our Income Lifetime Mortgage has to be a minimum of £100,000 property value.||£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.
Real life stories
See how Nigel and Jenny cleared their interest-only mortgage.
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