|Our Lifetime Mortgages||Our Retirement Interest Only Mortgage|
|Minimum loan amount||£10,000||£10,000|
|Determined by your age and property value||Up to 60% of the value of your home, subject to an affordability assessment|
|Minimum property value considered||£100,000||£100,000|
|Is there an affordability assessment?||No||Yes|
|Is the loan secured against my home?||Yes||Yes|
|When do I have to repay the full amount of the loan?||The loan is usually repaid when you die or move out of your home into long-term care.||The loan is usually repaid when you die or move out of your home into long-term care.|
|Do I have to pay interest every month?||No - interest is charged on the loan amount plus any interest already added, so the amount owed will increase quickly over time. However, you can choose to pay off some or all of the monthly interest to prevent this.||Yes - the interest due is payable in full by you each month. As a last resort, your home may be repossessed if you fail to keep up repayments.|
|Is the interest rate fixed?||Yes. The interest rate is fixed for the life of the loan.||Yes. The interest rate is fixed for the life of the loan.|
|Actions||Our lifetime mortgages||Our Retirement Interest Only Mortgage|
A mortgage may affect means-tested benefits, your tax position and any future inheritance.
Discover which later life mortgage might suit you
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