Products

A Lifetime Mortgage is a mortgage that does not require monthly repayments. You retain ownership of your home and the interest on the loan is rolled-up (compounded). The loan and compounded interest are repayable when you die or move into long term care. You can opt to make monthly repayments on certain plans, within agreed limits, in order to control the roll-up of interest. In the case of a couple, the repayment of the lifetime mortgage is not due until the surviving spouse dies or moves into long-term care.

A Drawdown Lifetime Mortgage allows you to release a smaller lump sum from your property, with a cash facility that you can draw upon as and when you need it. Interest is only charged on the funds that have been released. When you decide to release additional funds from the cash facility, a new rate of interest will be applied to the amount you borrow.

Retirement Interest Only Mortgages (RIOs) allow you to borrow against your property and only make monthly interest payments. With RIO mortgages you are only required to repay the loan when you sell your property, die or move into long-term care. Unlike standard interest only mortgages, you only have to prove that you can afford the interest payments. Most lenders will allow the transfer of a RIO mortgage onto a roll-up lifetime mortgage should circumstances change.

A Home Reversion plan allows you to sell all or part of your property in return for a cash lump sum (or regular payments) and a lifetime lease, ensuring that you have the right to reside at the property, rent free, for the rest of your life.