 Information
Lifetime Mortgage
A lifetime mortgage is designed to run for the rest of your life,
this product allows you to release some of the cash tied up in your
property without the upheaval of downsizing. If you are 60+ and would
like to release some cash now, this product allows this without any
repayments. This UK Building Society mortgage your property and release
the cash to you, the interest then accumulates monthly with no
repayments for the term of the mortgage. The mortgage is only repayable
upon sale of the property, after death, or if the owner moves into long
term care. This means you have an interest only mortgage on your
property with the interest rolling up on a monthly basis, no repayments
are required until the property is sold and there are no income
requirements. The debt is lodged on your property and they have a no
negative equity guarantee meaning you will never owe more than the
property is worth.
The benefits to you are :-
1. Cash Lump Sum
2. No Repayments
3. Inheritance Tax is reduced
4. No proof of income required
5. You retain full ownership of the property
6. Any profit from sale will be paid to the owners or their beneficiaries
The minimum age for applicants is 60 years old with no maximum age
limit, the maximum loan to value is 52% of the value of the property.
LIFETIME FIX EQUITY RELEASE OPTION - LTV’S
|
60 =
22%
|
70 =
32% |
80 =
42%
|
90+ =
52%
|
|
61 =
23% |
71 =
33% |
81 =
43%
|
|
|
62 =
24% |
72 =
34% |
82 =
44%
|
|
|
63 =
25% |
73 =
35% |
83 =
45%
|
* Maximum 2 |
|
64 =
26% |
74 =
36% |
84 =
46%
|
Borrowers |
|
65 =
27% |
75 =
37% |
85 =
47%
|
|
|
66 =
28% |
76 =
38% |
86 =
48%
|
** LTV based on |
|
67 =
29% |
77 =
39% |
87 =
49%
|
lower age |
|
68 =
30
% |
78 =
40
% |
88 =
50
%
|
|
|
69 =
31
% |
79 =
41
% |
89 =
51
%
|
|
|
