Lifetime mortgages

Yes, you can. You can pay by debit card over the phone or using our self-serve facility, by bank transfer or cheque. If you send us a cheque, please remember to write your account number on the back.

Your lifetime mortgage doesn’t have a specific end date. You only need to pay back the loan when the last borrower named on the mortgage moves into long-term care or passes away.

Your lifetime mortgage is a type of equity release that allowed you to borrow money against the value of your home. You either borrowed a lump sum or opted to receive a monthly income (or both). You don’t need to make any monthly payments and don’t have to pay back the outstanding balance until the …

No. The terms and conditions of your lifetime mortgage require you to live in the property. If you want to rent out the property, you’ll need to repay the outstanding mortgage balance.

Your lifetime mortgage has a ‘No Negative Equity Guarantee’.  This means that if the sale price isn’t enough to pay off the outstanding balance, we won’t ask for the difference to be paid (known as a ‘shortfall’). If you’re worried that the sale price of your property won’t be enough to pay off your lifetime …

You can stop the income payments at any time, but once we’ve stopped them they can’t be restarted. So, it’s important to be sure that you no longer require the monthly income before you ask us to do this. Interest will continue to be charged to the outstanding balance. You’ll need to write to us …

Your mortgage is an ‘interest roll-up’ mortgage. This means the interest is added to your outstanding balance each month and you don’t need to make any monthly payments to pay it back. You can find out what the interest rate is on your lifetime mortgage by checking your original mortgage offer or by calling us …

Yes, but first you’ll need to give us your authority. Visit the Update your details section on our Manage Account page and select ‘Giving someone third-party authority’ for information on how you can do this.