Taking out a lifetime mortgage will always reduce the amount of inheritance you can leave. However, if you're concerned that you may not be able to leave anything behind for your loved ones then don't worry, you can choose our inheritance guarantee.
This means when your home is sold, we guarantee that you, or your estate, will get a share of the amount it's sold for as long as:
All you have to do is tell us what percentage of your property you want to guarantee. Then, when your property is sold, this percentage of the sale proceeds will be protected.
Choosing an inheritance guarantee will reduce the amount you can borrow because we base the maximum loan you can take out on the value of your property which is not covered by the guarantee. So you just need to make sure that, when you take the guarantee into account, you can still borrow at least the minimum loan amount.
Including an inheritance guarantee to your lifetime mortgage plan may affect the interest rate that is applied. You can find out more about the interest rates and APRS for our lifetime mortgages.
You can only choose the inheritance guarantee when you first take out your lifetime mortgage: you can't add it as an option later.
Although you can't increase the percentage you've chosen, you can reduce or remove the guarantee if you need to. This could help if you ever need to borrow more money. It could also help if you want to reduce any repayment you may have to make if you move house or add someone else to your mortgage.
We won't apply the inheritance guarantee if you don't keep to the terms and conditions of your mortgage, or if you repay your loan early.
This is a lifetime mortgage. To understand the features and risks, ask for a personalised illustration.
Lifetime mortgages are not available in the Channel Islands and Isle of Man.
For more information call us on
0800 404 6220
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Or alternatively arrange for us to call you back at a time convenient to you.
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Use our calculator to find out if you could be eligible for a lifetime mortgage, which products may be available to you and how much you might be able to release.