The Lifetime mortgage is a type of equity release. You don't have to make any monthly payments, unless you choose to. The loan is usually repaid when the last borrower moves into long-term care or dies.
The maximum loan amount and interest rate depends on your age and how much your property is worth.
You can borrow between £10,000 and:
- if you live in England, £1 million, or
- in Wales and Scotland, a maximum of £515,000.
There is no booking or product fee for this mortgage.