Just one more step Phone number By clicking 'Get result' and submitting this form you consent to us calling you about your results and how our Lifetime Mortgages may work for you. Get result. Good news! Based on the information supplied, you could release the amount you specified:. The maximum amount you could release is:. Based on the information supplied, you could release up to:. You've joined one of the people who contact us each week to enquire about our Lifetime Mortgages. Back Personalise.
There's more than one way to release your money with one of our Lifetime Mortgages. Subject to property value and eligibility. A lump sum, or series of lump sums You can receive the money as one lump sum or as a series of smaller amounts over time to suit you. As a regular income You could get a fixed monthly income for a set period of up to 25 years. Back Continue.
I'd like to take an additional lump sum of. You may be able to borrow between and Total you've chosen below: Total remaining:. Add another lump sum. Over how many years would you like your income to be paid? I'd like to take a lump sum of. I'd like a monthly income of. The information you've provided means that you don't meet the minimum eligibility criteria for the Income Lifetime Mortgage.
Please consider another option. You're interested in a series of lump sums. You're interested in a regular income Term:. Next steps We'll be in touch shortly if we haven't already called. Flexible Lifetime Mortgage. Optional Payment Lifetime Mortgage. Flexible Lifetime Mortgage If you'd like to take a lump sum, or a series of lump sums, and pay nothing until you die or move into long term care, select this option.
Optional Payment Lifetime Mortgage If you'd prefer to take a lump sum, or a series of lump sums, and pay off some or all of the interest, this could be right for you. Compare our lifetime mortgages. How is the loan paid? Is the loan secured against my home?
When do I have to repay the full amount of the loan? The loan is usually repaid when you die or move out of the home and into long-term care. How is interest charged on the loan?
Interest is charged on the loan amount plus any interest already added, so the amount owed will increase quickly over time unless you pay off some or all of the interest. You may have cheaper ways to borrow money. Do I have to pay interest every month? No - but you can choose to make partial repayments if you want to manage the amount owed on the loan and interest.
No - but you can pay some or all of the monthly interest to reduce the overall cost of the loan, and you can stop making payments at any time. If you choose to stop payments, you can't restart them.
Can I end up owing more than the home is worth? With our No Negative Equity Guarantee, as long as you follow the terms and conditions of the loan, you'll never owe more than the home is worth. Is the interest rate fixed? The interest rate is fixed for the life of the loan. How much is a lifetime mortgage? There are two parts to this answer: Lifetime mortgage interest rates: This is the rate of interest charged on the loan, which affects the total amount you need to pay back.
Lifetime mortgage interest rates Lifetime mortgage interest rates Costs to release equity Costs to release equity. Get in touch about our lifetime mortgages To speak to us about a lifetime mortgage, call our advice team on the number below. For any other enquiries please get in touch via our contact us page Call me back Call me back. Get a guide Get a guide. Compare later life mortgages Which later life mortgage is right for you?
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Getting started, getting the most out of savings, problems. How to invest, types of investing, buying and managing. Help with meeting goals, tax-friendly saving, saving for children. With a lifetime mortgage, you take out a loan secured on your home which does not need to be repaid until you die or go into long-term care.
It frees up some of the wealth you have tied up in your home and you can still continue to live there. You might be able to ring-fence some of the value of your property as an inheritance for your family. Interest is charged on what you have borrowed, which can be repaid or added on to the total loan amount. When the last borrower dies or moves into long-term care, the home is sold and the money from the sale is used to pay off the loan.
Anything left goes to your beneficiaries. If your estate can pay off the mortgage without having to sell the property they can do so. To guard against this, most lifetime mortgages offer a no-negative-equity guarantee Equity Release Council standard.
With this guarantee the lender promises that you or your beneficiaries will never have to pay back more than the value of your home. Our free and flexible Couch to Financial Fitness plan will help you build confidence to manage your money. Step by step we can help you cut your spending, develop core saving muscles, and create better habits for the future. When taking out a lifetime mortgage, you can choose to borrow a lump sum at the start or an initial lower loan amount with the option of a drawdown facility.
The flexible or drawdown facility is suitable if you want to take regular or occasional small amounts, perhaps to top up your income. However, these might be subject to a minimum amount. Find out about extra sources of income and support available to help you manage your household bills and save money in our guide What benefits you can claim and other ways to increase your income. It might affect your tax position and entitlement to means-tested benefits. Lenders will expect you to keep your home in good condition within the framework of reasonable maintenance.
You might need to set aside some money to do this. Thinking about Equity Release? You can get free, impartial equity release and debt advice from Stepchange online or calling For help finding a retirement adviser, search our Retirement adviser directory. MoneyHelper is the new, easy way to get clear, free, impartial help for all your money and pension choices. Whatever your circumstances or plans, move forward with MoneyHelper.
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Coronavirus COVID mortgage update The government has announced a series of temporary reforms for homeowners, including the ability to apply for a three-month mortgage payment holiday.
Find out more: how to apply for a three-month mortgage payment holiday Find out more: what the coronavirus means for rent, mortgages, savings and borrowing Find out more: how will the coronavirus affect house prices? Plan your finances. Use our pension calculators to build a financial picture for your retirement. Pension tax relief calculator Pension tax calculator Income drawdown calculator. Make your money go further. Find the best deals, avoid scams and protect your savings and investments.
Join Which? Continue reading. Home reversion. Is equity release right for you? What is equity release? All 4 articles in guide. Pension age loophole closed to combat scammers. Autumn Budget state pension to rise by 3. Related guides for You're retired.
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