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You could release some of the equity in your home with a lifetime mortgage.
What is a lifetime mortgage?
A lifetime mortgage is a long-term loan secured against your home. We offer two types to suit you, so you can either release a lump sum to spend now or choose to take a smaller amount now, leaving the rest to spend in full or in part later.
Lifestyle Lump Sum Max
- Lifestyle Lump Sum Max lets you release a one-off amount of money at the start of the plan.
- Because the plan can give you a larger cash sum than our Lifestyle Flexible Option, the overall cost of the Lifestyle Lump Sum Max is higher.
Lifestyle Flexible Option
- Lifestyle Flexible Option lets you take a lower initial loan and have access to a reserve of money in the future, as and when you need it.
This is a lifetime mortgage. To understand the features and risks, ask for a personalised illustration.
Use our handy Eligibility Calculator to see whether you could be eligible for a lifetime mortgage, which products may be available, and how much you might be able to release.
The benefits and things to think about
- Do more of the things that matter in your retirement by releasing money from your home.
- You can continue to live in your home until you die or go into long-term care, as defined in our terms and conditions.
- Minimum age and property values apply, and there are also restrictions on the type of property we'll accept.
- If you have an existing mortgage on your home or any secured loans, you'd have to use the money you release to pay these off first, but then you'd be free to spend what's left however you want.
- A lifetime mortgage is a lifetime commitment. It's important to understand the costs and risks involved, including how taking a plan will reduce the inheritance you leave and how it may affect your tax position and entitlement to means tested benefits.
- Although the amount of inheritance you can leave will always be reduced, you can choose an inheritance guarantee on our lifetime mortgages to ensure you can leave something for your loved ones. However, this will reduce the amount of money you can borrow.
- It's a good idea to involve your family in the decision process.
Lifetime mortgages are not available in the Channel Islands and the Isle of Man.