I’d like a lump sum of money

If you’d like to release a lump sum of cash from the value of your home, a LIFETIME MORTGAGE could be for you. There is no requirement to make monthly repayments, as the amount you release, plus any interest, is repaid from the money made when the property is sold. This is usually when you die, move into long-term care or permanently leave the property.


I’d like flexible access to my money

If this is the case, a DRAWDOWN MORTGAGE may be your best option. It’s similar to a standard lifetime mortgage, but you can access your money with more flexibility. Rather than just receiving a lump sum upfront, you can choose to release your cash over time, as and when you need it. Because you only pay interest on the cash that you have taken, these plans can often prove to be more cost-effective when compared to taking a lump sum.


I’d like to pay off some of the interest

An INTEREST ONLY LIFETIME MORTGAGE might be right for you. You make regular monthly repayments to reduce the effect on the value of your estate. Some plans allow you to make monthly repayments that are equal to - or less than - the amount of interest charged providing they are affordable. The balance is paid off from the value of your estate once you’ve died or moved into long-term care.


I’d like a large cash lump sum

You may want to consider a HOME REVERSION PLAN¹. This will allow you to exchange the ownership of some or all of your property for a lump sum of cash, along with the right to stay in the property, free of charge, for as long as you live. This is also known as a ‘lifetime lease’. Because you can continue living in your home, rent-free, for life, you generally receive an amount for your property that’s lower than its market value.

¹ Home Reversion plans available for over 65s only.