An introduction to different types of lifetime mortgage

Lump Sum Lifetime Mortgage

Unlock all the money that you want in one go. A lifetime mortgage usually has a fixed interest rate, so as soon as you receive your lump sum, interest starts to accrue on the full amount you’ve borrowed.

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Drawdown Lifetime Mortgages

These plans work much in the same way as a lump sum mortgage. The key difference is that you are able to take out further funds when you want, up to a specified number of years, or until the cash reserve runs out. Interest is only charged on the total amount you withdraw, potentially saving you a significant amount compared to a lump sum plan.

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Enhanced Lifetime Mortgage

If you or your partner have any qualifying health conditions, or make certain lifestyle choices, you may be able to release more money from your home.

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Interest-Payment Lifetime Mortgage

Interest-payment lifetime mortgages work in much the same way as a lifetime mortgage. However, you are able to make regular payments on the interest that accrues over the lifetime of the loan.

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Protected Lifetime Mortgage

With some lifetime mortgages, it is possible to guarantee an inheritance for your loved ones. Choose a fixed amount, or a percentage of the value of your home, to be left to your beneficiaries when your plan comes to an end. This amount will be guaranteed.

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