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 do not charge an upfront fee. We can be paid by commission, a fee or a combination. The exact fee will depend on your circumstances and will be agreed with you before any chargeable work commences. Our typical charge is £595 plus commission from the lender
This is a Lifetime Mortgage. To understand the features and risks, ask for a Personalised illustration.