Our equity release products


We offer the following lifetime mortgages:

1. The drawdown lifetime mortgage

The drawdown lifetime mortgage allows you to release money as and when you need it. The mortgage is usually repaid from the sale of your house when you die or move permanently into long-term care. It's important to note that the mortgage is secured against your home.

Lending criteria
Our Drawdown Lifetime Mortgage is available to those who are aged 60 and over, own their own UK based home of standard construction which must be their main residence, and be worth at least £70,000. 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 as a smaller initial amount with the rest of your funds available through your 'cash facility'. This facility will be available to you as and when you need more funds providing you have them.

We will lend between a minimum of £10,000 and a maximum of £600,000 if you live in England and £250,000 if you live in Wales, Scotland and Northern Ireland. You can choose to withdraw the maximum amount available as a one off lump sum or choose to borrow a smaller amount initially and borrow additional amounts at a later date.

Our maximum cash facility available will be restricted to the lower of three times the initial advance (subject to a maximum unused cash facility of £200,000) and the maximum amount available to you based on your age and property value.

How is interest calculated?
The interest rate we apply to our Drawdown Lifetime Mortgage is fixed at the time you borrow, irrespective of what happens to interest rates in the future. Interest is charged on the initial mortgage and on any further withdrawals when and if you make them. Interest is 'rolled up' or added to the mortgage each year and is charged on the amount of the original mortgage as well as on the interest accrued in previous years.

Please bear in mind that taking a lifetime mortgage could affect:

  • the amount you leave behind in your estate i.e. its value will be reduced
  • your entitlement to state benefits
  • your tax position.

Valuation, legal, advice, set-up costs and other fees will apply. Please read our Lifetime Mortgage guide.

2. The lump sum lite lifetime mortgage

The Lump Sum Lite Lifetime Mortgage is designed for those who want to release a one-off lump sum without the option to access additional money from a pre-agreed cash facility in the future.  It usually allows you to borrow a higher amount than the Drawdown Lifetime mortgage, but normally at a higher interest rate.

Lending criteria
To be eligible for our Lump Sum Lite Lifetime Mortgage, you must be aged 60 or over and own your own home. The property – which must be your main residence – has to be in England, Scotland or Wales, of standard construction and worth at least £70,000.

The maximum amount you can borrow will be determined by a number of factors, including your age and the value of your property.

The maximum lump sum available will be subject to an overriding maximum of £600,000 for properties in England, and £250,000 for Scotland and Wales. The minimum amount you can borrow is £10,000.

Please note that you will not be able to borrow any additional money within six months of receiving your cash lump sum. If you need access to more money after this point, you can apply for an additional advance and we will assess your eligibility at the time.

Additional advances are not guaranteed.

How is interest calculated?
The interest rate we apply to our Lump Sum Lite Lifetime Mortgage is fixed at the time you borrow, and is guaranteed not to change regardless of what happens to interest rates in the future.

Interest is charged on the lump sum cash advance, and will accumulate on a compound basis which means it will be charged on the amount of your original mortgage as well as the interest that has accrued in previous years.

Please note that the interest rate on our Lump Sum Lite Lifetime Mortgage is usually higher than the rate charged under our Drawdown product, but lower than the standard rate charged under our Lump Sum Plus Lifetime Mortgage. You can normally borrow a higher amount with the Lump Sum Plus Mortgage - which could be invaluable if you need access to the money – but the value of your mortgage will be higher than an equivalent Drawdown product at the time it is repaid.

You need to think carefully about how much you need to borrow, and whether our Drawdown Mortgage would be a suitable option. A financial adviser will be able to help you with this.

When do I have to repay the mortgage?
The total amount you owe, plus any accrued interest, will usually be repaid from the eventual sale of the property when you die or move into permanent long-term care. This means you do not have to make any monthly repayments.

Other things to be aware of
Please also bear in mind that taking a lifetime mortgage could affect:

  • the amount you leave behind in your estate i.e. its value will be reduced
  • your entitlement to state benefits
  • your tax position.

Valuation, legal, advice, set-up costs and other fees will apply. Please read our Lifetime Mortgage guide.

3. The lump sum plus lifetime mortgage

The Lump Sum Plus Lifetime Mortgage is designed to help customers who want access to the maximum possible share of the money locked up in their home.

It offers standard 'loan to value' (LTV) terms that will usually be higher than those available through our Drawdown product, but with a higher interest rate. Additionally, with our expert underwriting capability, we can also take into account your health and lifestyle conditions, giving you the potential to borrow an even higher amount on enhanced LTV terms. It's important to note that the mortgage is secured against your home.

Lending criteria
To be eligible for our Lump Sum Plus Lifetime Mortgage, you must be aged 60 or over and own your own home. The property – which must be your main residence – has to be in England, Scotland or Wales, of standard construction and worth at least £70,000.

The maximum amount you can borrow will be determined by a number of factors, including your age and the value of your property. We can also take into account your health and lifestyle conditions.

The maximum lump sum available will be subject to an overriding maximum of £600,000 for properties in England, and £250,000 for Scotland and Wales. The minimum amount you can borrow is £10,000.

Please note that you will not be able to borrow any additional money within six months of receiving your cash lump sum. If you need access to more money after this point, you can apply for an additional advance and we will assess your eligibility at the time.

Additional advances are not guaranteed.

How is the interest calculated?
The interest rate we apply to our Lump Sum Plus Lifetime Mortgage is fixed at the time you borrow, and is guaranteed not to change regardless of what happens to interest rates in the future.

Interest is charged on the lump sum cash advance, and will accumulate on a compound basis which means it will be charged on the amount of your original mortgage as well as the interest that has accrued in previous years.

Please note that a different interest rate may apply to mortgages written on enhanced LTV terms.

Please also note that the interest rate on our Lump Sum Plus Lifetime Mortgage is usually higher than the rate charged under our Drawdown product. You can normally borrow a higher amount with the Lump Sum Plus Mortgage - which could be invaluable if you need access to the money – but the value of your mortgage will be higher than an equivalent Drawdown product at the time it is repaid.

You need to think carefully about how much you need to borrow, and whether our Drawdown Mortgage would be a suitable option. A financial adviser will be able to help you with this.

When do I have to repay the mortgage?
The total amount you owe, plus any accrued interest, will usually be repaid from the eventual sale of the property when you die or move into permanent long-term care. This means you do not have to make any monthly repayments.

Other things to be aware of
Please also bear in mind that taking a lifetime mortgage could affect:

  • the amount you leave behind in your estate i.e. its value will be reduced
  • your entitlement to state benefits
  • your tax position.

Valuation, legal, advice, set-up costs and other fees will apply. Please read our Lifetime Mortgage guide.

All of our products offer the following important guarantees:

  • The Lifetime Mortgage is usually repaid when the property is sold after your death or when you enter permanent long term care, in this case you will not have to repay more than the sale proceeds. Even if they are less than the amount owed. 
  • You can remain in your home for the rest of your life.
  • You are free to move to a new home and keep your equity release plan in place without penalty, subject to the new home providing suitable security.

How can I purchase one of your lifetime mortgage products?

We don’t sell our products directly, but you can purchase them through a financial intermediary. You can find a professional financial adviser at Pick-A.org or unbiased.co.uk.

You can, however, still gather a bit more information whilst you’re here

If you’re not certain that you need a financial advisor just yet, that’s fine too: you can still use our free and easy-to-use Indicative Lifetime Mortgage Calculator. We stress it should only ever be used as a guide, but it is certainly a useful tool to help give you a feel for the kind of money a lifetime mortgage could enable you to release from your property. Take a look here.