The One Family Lifetime Mortgage allows you to take a tax free cash lump sum. Interest repayments on a fixed or ad hoc basis can be easily made, with you having the control to make the repayments or not.
Minimum age – 55
Maximum age – 100
Available to home owners between the ages of 55 and 100 at the time of application.
Cashback available – No
Drawdown available – No
Medically enhanced plans available – No
Inheritance Protection available – No
Voluntary overpayments – Yes
Up to 10% of the initial loan amount with no maximum number of payments. Minimum payment amount of £25 per payment.
Early repayment charges
Fixed early repayment charges for the first 10 years:
6% of the initial loan amount – years 1 – 5
3% of the initial loan amount – years 6 – 10
0% after year 11
A Lifetime Mortgage allows you to release a tax free cash lump from your home to spend and use as and how you wish. There are normally no repayments to make to the loan with the interest being added to the loan each month. The interest rate is normally fixed for the life of the loan and the loan is only repayable when the property is sold, which normally happens when you die or go in to long term care. In the case of joint applicants this normally happens when the second applicant dies or goes in to long term care.
Please contact us to today for more information on the One Family Lifetime Mortgage. We are completely independent Equity Release advisers and will recommend a plan from a provider that suits you best. We will compare all providers in the Equity Release market to ensure the plan we recommend meets your personal requirements.