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Typically, our Lifetime Mortgage Drawdown Lifestyle is suitable for clients who:
Our Lifetime Mortgage Drawdown Lifestyle is not designed for clients who:
Mary is a recently retired bookkeeper. She’s a widow and lives in North Wales in her detached house worth £250k, which is mortgage-free. With a former annual income of £25k, Mary is looking for a regular income boost to supplement her state pension.
Our Drawdown Lifestyle would suit Mary: She enjoys walking holidays with friends and has good money management, so would welcome a modest income top-up. She’d like to raise some extra cash without needing to move home, but wants the option in case her situation changes.
LV= Doctor Services and Care Navigator are an added bonus for Mary, and although she doesn’t need them now it’s reassuring that they are available.
We’ll lend to an applicant who:
For more information, please refer to our Lending Policy Guide.
Your clients can stay in their home - as long as it’s their legal right, and they meet the terms and conditions of their mortgage.
Your clients need to understand how the terms and conditions of their lifetime mortgage will affect them. They'll need to:
If your client is living with their partner, civil partner, or spouse, they'll both need to be named on the property deeds and in their Lifetime Mortgage Drawdown Lifestyle application.
Your client can move when their lifetime mortgage is up and running. The new home will need to meet our lending requirements at that time.
We’re a member of the Equity Release Council – they aim to protect your clients through their code of conduct. We offer additional features and safeguards on our lifetime mortgage products.