This Roll-Up Lifetime Mortgage allows your clients a flexible cash facility against which they can draw down cash advances at any time.
How it works
- A lump sum of money is advanced with the maximum amount being based on age and property value. Our latest LTV rates for our Roll-up plan can be found here.
- The maximum cash facility will be the lower of £600,000 (£250,000 in Scotland, Northern Ireland and Wales), the maximum LTV or three times the initial cash advance, subject to an unused facility no greater than £200,000.
- The minimum initial advance is £10,000.
- Money can be drawn down on a regular basis or a one off basis, subject to the arranged cash facility at outset..
- The interest rate for each cash advance is fixed for the life of the mortgage and interest is capitalised at the end of each year.
- No repayments are made on the money borrowed. The interest on the loan accrues, (The accrued interest) is added to the loan and is only repaid once your client dies or moves permanently into care.
- Your client can continue to own their home and benefit from any increase in its value.
A more detailed summary of Just Retirement's Roll-up Lifetime Mortgage can be downloaded here
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