A lifetime mortgage is a long term loan that’s secured against your property. The amount that’s available to you will depend on your age and property value, as well as other factors like health or lifestyle. Any homeowner aged 55 and over may be eligible for a more 2 life lifetime mortgage.

    Typically no monthly repayments

    There are typically no monthly repayments, as the loan plus roll up interest is repaid after you, and your partner if applicable, pass away or move into long term care.

    Initial lump sum

    With every lifetime mortgage, you’ll take an initial lump sum. You don’t have to take the maximum amount available to you, and in many cases you’ll be able to set aside a reserve in order to drawdown additional sums in the future.

    Own your own home

    You still own your own home. You can stay there for the rest of your life, or move if you wish to. If you move to an eligible property, then your plan moves with you.

    Tax free

    Money released with a lifetime mortgage is tax free.

    Inheritance protection

    Inheritance protection is available on some of our plans, and allows you to protect a proportion of your home’s future value for your beneficiaries. Be aware that a lifetime mortgage will reduce the value of your estate.

    Never owe more than the value of your home

    This is the no negative equity guarantee. It means that you never need to be worried about passing debt on to your family.

    Consider your options carefully

    Remember, a lifetime mortgage is the most popular type of equity release, and it's a loan secured against your home. You should always think carefully before securing a loan against your home.

    A lifetime mortgage will reduce the value of your estate and may affect your entitlement to means-tested benefits.