Lifetime Mortgage Lump Sum+:

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At a glance: Lifetime Mortgage Lump Sum+

To help you make an informed decision on your client’s eligibility, we’ve outlined our Lifetime Mortgage Lump Sum+ suitability criteria, at a glance:
Lifetime Mortgage Lump Sum+
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 entry84
Minimum starting loan£10,000
Minimum property value£100,000
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

Your client will be made aware of the 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.

We calculate early repayment charges on a set percentage of the original loan amount. This won’t include any accrued interest.
Year of early repayment% of the amount repaid
1-55%
6-103%
10+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 three 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 totaling up to 10% of the original advance each year. 

Please note terms and conditions apply. For more information see our Lump Sum+ terms and conditions.

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