The interest-only lifetime mortgage

This is like the lump sum lifetime mortgage, but instead of letting the interest roll up over the lifetime of the plan, you actually pay the interest due each month. This means the amount you owe always stay the same, which you and your family might be more comfortable with.

Things to bear in mind

  • Choosing aninterest-only plan rather than a lump sum plan means your loved ones will end up with a greater inheritance.
  • There are just monthly interest payments to make – no monthly capital repayments.
  • You’ll continue to live in, and own, your home, and your estate will benefit from any house price rises.
  • You can use the money for anything you want.
For advice and guidance on taking out an interest-only lifetime mortgage, contact today.