Lump Sum Lifetime Mortgages
Designed to let you release a sum of money in the form of a loan from your property.
Why Choose a Lump Sum Lifetime mortgage
If you need to release equity for a specific expense, you could borrow a one off lump sum.
- This money could be used to carry out some necessary home improvements, to repay debts, to go on a dream holiday, to help your family or to improve your standard of living. The choice is yours.
- Interest on the mortgage is calculated from the date your mortgage starts, using the fixed interest rate detailed in your mortgage offer. The interest is added to the amount you owe daily, based on the outstanding balance at the start of each year, which means the loan plus interest can grow very quickly.
- You don’t actually pay any of this interest until the loan is repaid, which normally happens when you die or go into long term care.
- The minimum lump sum we will lend is £10,000 for our Lump Sum+ product or £30,000 for our Lump Sum Lifestyle product.
- The amount that you will leave as an inheritance will be reduced. In some cases the lump sum of money that you release could affect your entitlement to any means-tested benefits that you may receive now or in the future.
This is a lifetime mortgage. To understand the features and risks ask for a personalised illustration.
Please note that the information given on these pages should not be seen as advice to take out this product.
Borrowing more in the future
If your circumstances change, you may be able to borrow more
- If you choose the lump sum option and decide later you want to borrow more this may be possible although it’s not guaranteed.
- If you know already that you're likely to want to borrow more in the future, one of our lifetime mortgage drawdown products might suit your needs better.
Make an ENQUIRY
If you are an existing lifetime mortgage customer with us please call:
Mon to Fri 8:30am-6pm
For TextDirect: First dial 18001
We will record and/or monitor calls for training and audit purposes
To start an equity release enquiry, contact your independent financial adviser, or find one specialising in equity release through the Equity Release Council (ERC).