Our Roll-up Lifetime Mortgage allows you to release money from your property as and when you need it, so interest is only ever accumulating on the amount you have actually released. You only repay the loan to us when you die or go into long term care.
Lending criteriaOur Roll-up Lifetime Mortgage is available to those who are aged 60 and over. Depending on your age and the value of your property, we will agree to lend you an amount of money which you can take all at once, or take as an initial amount with access to the rest of your funds through your 'cash facility' which you can access as and when you need more funds providing you have them.
The minimum initial amount we release is £10,000 with further cash releases needing to be at least £2,000. Our maximum loan is £600,000 if you live in England and £250,000 if you live in Wales, Scotland or Northern Ireland.
How is interest calculated? The interest rate we apply to our Roll-up Lifetime Mortgage is fixed at the time you borrow, irrespective of what happens to interest rates in the future. You only ever pay interest on the amount you have actually borrowed from us. Interest is 'rolled up' or added to the loan each year and is charged on the amount of the loan as well as on the interest accrued in previous years.
Please bear in mind that taking equity release could affect:
- the amount you leave behind in your estate ie its value will be reduced
- your entitlement to state benefits
- your tax position.
As securing a loan on your home is a serious decision, we ask that you speak to a financial adviser before you decide if equity release is right for you. Valuation, legal and other fees may apply. Read our Roll-up Lifetime Mortgage guide.
This is a lifetime mortgage. To understand the features and risks, ask for a personalised illustration.
Useful links Find an adviser
Our Fixed Lifetime Mortgage