Interest-Only Lifetime Mortgage
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What is an
interest-only lifetime mortgage?
An interest-only lifetime mortgage is a type of equity release plan where you can pay the interest every month, so the size of your loan repayment never goes up, whilst retaining full ownership of your home. This is the most cost-effective method of equity release as it allows you to avoid interest build up.
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What customers say
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Extremely helpful
They were extremely helpful with my recent equity release. They sorted everything out for me and kept me up to date with weekly phone calls. They were extremely pleasant and friendly. They made the whole process very simple for me.
Charlotte Harris
Top service
Top service provided and equity release completed very quickly, would recommend for anybody to use the service to arrange equity release for them.
Barry Stones
First-class
Our adviser was first-class, making everything clear and concise. So we knew exactly how to proceed with our proposed equity release. The support from head office was also excellent throughout the whole process.
David Alexander
Very professional advice
Very professional advice, and ended up with a very good deal, which my research has indicated is the best currently available.
Claire Norton
Helpful at all times
Everything fully explained so you are always kept in the loop. They don't try and rush you or push any product on to you they just give you their advice. Very friendly and helpful at all times.
Connor Davis
Stress-free experience
The process of obtaining equity release has been a stress-free experience with a friendly and efficient service and carried out in a most professional manner.
Deborah Matthews
Answering your questions
Still unsure of a few things? We've got you covered with a few simple answers to some of our most frequently asked questions.
An interest-only lifetime mortgage is one of the most cost-effective methods of releasing equity from your home, as you can prevent the interest from compounding by making monthly repayments. Therefore, the amount you owe never increases. The loan is typically repaid when you die or go into long term care.
During the mortgage term, you’ll make monthly payments to cover the cost of the interest on your loan to stop it from compounding. Therefore, the amount you owe never increases.
When you die or go into long-term care, the outstanding capital you still owe will be paid off when the home sells.
To be eligible for equity release you must meet the following criteria:
- Be aged 55 or over. If you apply for equity release as a couple, the youngest applicant on the deeds of the property must also be 55 or above.
- Be able to pay off any outstanding mortgage or debts secured on the property with the funds raised from equity release.
- Own your own home in the UK, with a value of £70,000 or more.
- If the property title is leasehold, as opposed to freehold, the minimum remaining lease must be 75 years or more.
- Be a UK resident.
Various factors impact the amount that you can release from your property using an equity release plan. These include your age, the value of your property and any qualifying medical conditions or lifestyle factors. You can receive this money in a single lump sum or overtime to reduce interest compounding.
You could easily find out how much cash you could receive by using our free equity release calculator.
How long it takes to release equity from your property will vary depending on your circumstances, but it can typically take six to eight weeks.
Do you already have an interest-only lifetime mortgage plan?
Switching your existing interest-only lifetime mortgage plan could potentially save you thousands. Equity release rates have recently fallen to record low levels meaning you could benefit from a more competitive plan. You could also access more tax-free cash and new features with more than 700 plans now available.
Our selected advisers are ready to start your free review without any obligation to proceed, so get in touch today.
Other equity release plans available
Lifetime mortgage
Drawdown lifetime mortgage
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