It is only repaid in full when your property is sold; either when you and your partner have both passed away, or move into long-term care. You can decide to repay all, some, or none of the interest over the life of your plan when you take out your plan.
There are many flexible plans available that can be tailored to your individual needs and circumstances. We will be able to discuss all of these with you during your free, no-obligation consultation.
Lump Sum Lifetime Mortgages
This is where you unlock all the money you want in one go. Usually a lifetime mortgage has a fixed interest rate so as soon as you receive your lump sum, interest starts to accrue on the full amount you’ve borrowed.
Drawdown Lifetime Morgages
These plans work much in the same way as a Lump Sum Mortgage but you can take out further funds when you want (up to a specified number of years or until the cash reserve runs out). Interest is only charged on the total amount you withdraw, so this plan can save you a significant amount compared to a Lump Sum plan.
Interest-payment Lifetime Mortgages
Interest-payment lifetime mortgages work in the same way as a lifetime mortgage, however you are able to make regular payments on the interest that accrues over the lifetime of the loan.
Enhanced Lifetime Mortgages
If you or your partner have any qualifying health conditions or make certain lifestyle choices you may be able to release more money from your home.
Protected Lifetime Mortgage
With some lifetime mortgages you can guarantee an inheritance for your loved ones. You can choose a fixed amount or a percentage of your home to be left to your beneficiaries when your plan comes to an end and this amount will be guaranteed.
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