Lifetime mortgages
Lifetime mortgages involve the taking out of a mortgage secured against the value of the home. There are no monthly repayments and interest is rolled up over the life of the loan and repaid upon leaving for long-term care or death, at which point the property is sold and the lender repaid. Interest can be fixed or capped. One aspect is that the loan can increase as interest is added over time to greater than the value of the property, although SHIP's member schemes offer a no-negative-equity guarantee.
We usually charge a fee of £595 per mortgage case arranged. Fees are payable upon completion. All fees will be discussed and agreed at outset. We will also be paid a commission from the company tha lends you the money.
This is a Lifetime Mortgage. To understand the features and risks, ask for a Personalised illustration.