Flexible Lifetime Mortgage
Specifically designed for people who wish to release some equity from their home now and in the future.
Our Flexible Lifetime Mortgage lets your client borrow a percentage of their property value in the form of a set lump sum initially, followed by the option of flexible cash withdrawals.
Please click here for our current rates.
The percentage your client can borrow and interest they pay depends on their age.
Who can apply for our Flexible Lifetime Mortgage?
Our lifetime mortgages are available for clients aged between 60 and 95 and UK resident.
We are only able to lend on properties that are in mainland England, Scotland, Wales or the Isle of Wight.
Main Features
- Your client can release some of the equity from their home now and some in the future
- They can choose to borrow an initial amount and at the same time set up a maximum loan to draw from in the future. This maximum loan facility is guaranteed for a period of 15 years
- They can borrow from £10,000 initially and £2,000 for subsequent amounts
- Each time your client makes a withdrawal it will be based on both the interest rate and their age at that time
- No interest repayments are needed throughout the life of the loan
- We are responsible for paying our own legal fees and the client is responsible for paying for their legal fees
- The application fee is £695
- No negative equity guarantee.
This is a lifetime mortgage. To understand the features and risks ask for a personalised illustration.
Fixed interest
The interest rate is fixed for the life of the loan. Interest is compounded annually and added to the loan, please remember that the loan plus interest can add up very quickly. Each individual withdrawal may have a different interest rate, as it will depend on the interest rates available at the time of the withdrawal.
Other people living in the property
- If your client is living with their partner, civil partner or spouse, they’ll both need to be named on the property deeds and in their Flexible Lifetime Mortgage application.
- If there are friends or relatives living in the property or children over the age of 18 who are not dependent on your client, they’ll need to sign an occupancy waiver releasing their rights to the property.
- If there is a child who is under the age of 18 or a dependant adult living in the property, we’ll need confirmation, from your client’s solicitor, that there are adequate arrangements in place to care for them if they still live in the property and your client moves into permanent residential long term care or dies.
- If your client has any tenants living with them, you’ll need to contact us first on the below number before an application is submitted.
For a quote or for more information about this product contact our Equity Release Quotes Team on: 0800 028 8974. For Textphone, dial 18001 first. Opening hours: 8.30am to 5.30pm. We may record and/or monitor your calls for training and audit purposes.