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.
For mortgages we generally do not charge a fee However, we reserve the right to do so and you have the right to choose this method of remuneration should you prefer. In this instance we will make a charge of £2,000 and we will rebate any commission we receive from the lender back to you. Should we choose to charge a fee and you are happy for us to receive commission from the lender, we will reduce this fee to £225.00 We will discuss this prior to any business being conducted with yourselves.
This is a Lifetime Mortgage. To understand the features and risks, ask for a Personalised illustration.