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.
Our Fees
Generally we do not charge a fee.
We will only charge a fee if we recommed a direct to lender mortgage product. The maximum fee we will charge is £395, typically the fee will be £295 but the exact amount will be discussed and agreed at our initial meeting and confirmed in a separate fee agreement.
This is a Lifetime Mortgage. To understand the features and risks, ask for a Personalised illustration.