Just Retirement’s Equity Release Plan offers a choice of two lifetime mortgages; one with interest rolling up on top of the loan and one with a fixed mortgage charge. Both offer the facility to take flexible drawdowns at any time.
A selection of the key features of these plans are summarised below.
Feature
|
Roll-Up Lifetime Mortgage
|
Fixed Lifetime Mortgage
|
| Minimum Age |
60
|
| Minimum Property Valuation |
£70,000
|
| Maximum LTV |
20% to 45% depending on client's age |
Dependent on age, sex and medical conditions
|
| Maximum Cash Facility |
The lower of £600,000 (£250,000 in Scotland, Wales and Northern Ireland), the maximum LTV (Loan to Value) or three times the initial cash advance, subject to an unused facility no greater than £200,000
|
The lower of £250,000, the maximum LTV or twice the initial cash advance |
| Maximum Initial Advance |
£600,000 in England, £250,000 in Wales, Scotland and Northern Ireland |
£250,000 |
| Minimum Initial Advance |
£10,000
|
| No Negative Equity guarantee |
Applies on death or sale of property at any time, and includes costs of sale
|
| Interest Rate or Charge |
Fixed interest rate set at the time of each cash advance
Interest is compounded annually
|
Fixed charge which cannot exceed 75% and is set at the time of the cash advance.
Charge remains fixed for the clients' lifetime
|
| Moving into Care |
Repayment of Mortgage (with no early repayment adjustment) |
Lifetime care income available on repayment
Repayment of 95% of fixed charge (amount can be lower, subject to medical evidence)
|
Useful Links Click here to download detailed summary (pdf)