Voluntary Select Options

• These lifetime mortgages have early repayment charges that are fixed for the first 8 years, with no repayment charge after the 9^th year.
• If you want to protect some of the equity in your property, you can choose to take advantage of our inheritance guarantee, free of charge.
• If you think you might want to borrow more money in the future, you can add a cash reserve facility to your lifetime mortgage at the outset for an additional 0.20% MER (0.21% AER). This means you’ll be able to withdraw more funds at a later date, without having to take further financial advice.
• This product has our Downsizing Protection, which means that if, after 5 years, you decide to downsize, you won’t need to pay an early repayment charge.
• This product also benefits from our Early Repayment Waiver. In the case of joint borrowers, you won’t need to pay an early repayment charge if you decide to repay the lifetime mortgage within 3 years of the date that the first borrower dies or goes into long term care.
• Free valuation, with no cap.
• Fixed interest rate for life

Your financial adviser will be able to talk you through our product features in more detail.

• You can release between £10,000 and £750,000 from your property.
• Your annual voluntary repayment allowance will be renewed on the anniversary of the completion date.
• You don’t have to make voluntary payments, and there are no penalties if you choose not to make payments.
• Voluntary contributions can also be made on additional borrowing.

Lifetime mortgages provide you with a number of features and benefits, but you and your adviser will need to consider how these products will meet your needs and circumstances. 

The benefits of a lifetime mortgage include:

• You still own your home, and you can stay in your home for the rest of your life.
• The money you release is tax free.
• You’ll never owe more than the value of your property, because our products come with the ‘No Negative Equity Guarantee’.

The potential risks of a lifetime mortgage include:

• Your entitlement to state benefits and grants might be affected by taking out a lifetime mortgage.
• Taking out a lifetime mortgage could reduce the size of your estate.
• Taking out a lifetime mortgage is a significant financial decision, it’s not for short-term financial needs.
• A lifetime mortgage could work out to be more expensive than selling your property in the long run.

Speak to your financial adviser, who will be able to tell you whether a lifetime mortgage meets your financial needs.

You can view our initial advance, cash reserve facility and additional borrowing interest rates and LTVs by clicking here.

"We want to be able to travel throughout our retirement, and we'd like to supplement our pension income to be able to do so"

Read Fiona and Mike's story

"I want to give money to my grandchildren to get them on the property ladder, and they'd like to be able to help me make voluntary repayments on the money I borrow"

Read William's story

"Because we've got health and mobility issues we need to make some modifications to be able to remain in our home. We don't have the savings to fund them, so we'd like to use our property wealth to the home improvements"

Read John and Liz's story