What’s the interest rate?
There's no set figure.
Our lifetime mortgage interest rates are based on your individual circumstances such as your age, property value, health and lifestyle details, and how much cash you’d like to release. When you speak to an equity release adviser, they’ll arrange to give you a personalised illustration which will show you your interest rate.
Unlike a regular mortgage, you don’t make any monthly repayments with a lifetime mortgage. So, they have a higher rate of interest which builds up on your loan each year. Interest is charged on the total borrowing and any interest previously added, which quickly increases the amount you owe (compound interest).
We add the compound interest to your balance once a year.
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