Lifetime Mortgage- lump sum
Our Lifetime Mortgage- lump sum lets your client release a sum of money against the value of their home, whilst continuing to live in it for as long as desired.
Our Lifetime Mortgage- lump sum lets your client borrow a percentage of their property value as a lump sum.
The percentage your client can borrow and the interest rate they pay depends on your clients age.
Please click here for our current rates.
Who can apply for our Lifetime Mortgage- lump sum?
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 money against the value of their home
- No interest repayments are required throughout the life of the loan
- They can borrow from £10,000
- Further borrowing may be available in the future, but this will depend on our lending criteria at the time
- We're responsible for paying our own legal fees and the client is responsible for paying for their legal fees
- The application fee is £595
- 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.
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 Lifetime Mortgage- Lump Sum application.
- If there are friends or relatives living in the property or children over the age of 18 who are not dependant 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.