Lifetime Mortgage Lump Sum Lifestyle:

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Lifetime Mortgage Lump Sum Lifestyle

To help you make an informed decision on your client’s eligibility, we’ve outlined our Lifetime Mortgage Lump Sum Lifestyle suitability criteria, at a glance:
Lifetime Mortgage Lump Sum Lifestyle
Type of loanLump sum.
EligibilityYour client will have to be a resident in the UK and should be able to provide a UK address history covering the last 36 months. They must have a permanent right to reside in the UK.
Minimum age attained at entry55
Maximum age attained at entry90
Minimum starting loan£30,000
Maximum property value£10,000,000
Loan to Value ScaleThe maximum loan to value is determined as a percentage of the property value, using the age of the youngest applicant.

Find our loan to value scale here.

Early repayment charges

There can be financial consequences of redeeming the lifetime mortgage early. As the first lender to offer fixed early repayment charges, we’re able to give complete transparency and certainty to your clients of what these charges will be.

We calculate charges on the percentage of loan amount repaid – it doesn’t include any accrued interest.

Year of early repayment% of the loan amount repaid
17%
26%
35%
44%
5-83%
8+0%

When charges don't apply

Early repayment charges do not apply if:
  • The borrower moves house and transfers their mortgage to the new property.
  • The last surviving borrower moves permanently into long term care.
  • The last surviving borrower dies.
  • A borrower (on a joint mortgage) passes away or moves into long term care and a repayment is made within four years of the date of death or move.
  • The borrower fully repays after 5 years and moves to a property they wished to transfer their lifetime mortgage to that did not meet our lending criteria.
  • The total debt is reduced or fully repaid using the money from an insurance company following damage to the property.
  • The borrower chooses to make repayments totalling up to 11% of the original advance each year.

Please note terms and conditions apply. For more information see our Lump Sum Lifestyle terms and conditions.
Contact Phone

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0800 028 8974

8.30am - 5.30pm Mon-Fri

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