Lifetime Mortgage Drawdown Lifestyle:
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Our table below shows the maximum loan we’ll provide based on the age of the youngest applicant and the maximum percentage of the property’s value.
In our Equity Release Portal, advisers can choose from one of the pre-set Options available. These Options will have a defined reserve based on age and LTV, which cannot be amended.
But for even more flexibility and choice, you can instead enter a specific drawdown reserve. This will display as ‘Drawdown Lifestyle Actual’ in the Portal.
For example, if your client wanted a reserve higher than the pre-set Option 2 would allow but not as high as the Option 3, you could enter the specific reserve your client required and the rate would be calculated accordingly.
We don’t currently lend on properties worth less than £100k or more than £10 million. The maximum amount we will lend including any additional borrowing is £1.5 million (excludes any accrued interest).
Single or joint lifetime mortgage
- Single lifetime mortgage – if your client lives alone, the loan will need to be repaid on their death, or if they move into long term care.
- Joint lifetime mortgage – 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 application. The loan will need to be repaid when both have died, or have moved into long term care.
Additional borrowing
The maximum loan we can agree upfront is £1,500,000 or the maximum percentage value of the property – whichever is lower.
We would consider additional borrowing if:
- Your client’s property value has sufficiently increased.
- Your client has moved to another house which is worth more, and meets our lending criteria.
Any additional borrowing will only be considered once the original cash facility is exhausted and will be in the form of a one-off advance, not a facility extension.
Fees
We offer a free valuation on all initial applications, these valuations are honoured for six months. If the completion takes longer than this, a revaluation might be needed which will be charged at the rates applicable at the time.
A valuation fee will also apply for any additional borrowing. We will also charge a valuation fee if your client wants to move and transfer their lifetime mortgage to a new property or they want to sell part of their land and remove it from the lifetime mortgage.
We have a Tariff of Charges for certain administrative costs which may be incurred during the term of our lifetime mortgages. Our Tariff of Charges document details these charges.
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