LUMP SUM LIFETIME MORTGAGES
This is the most straightforward type of lifetime mortgage. You take all the money in one tax-free lump sum, and interest is due on the full amount from the day you borrow it – regardless of when you decide to use the money.
If you don’t need all the money in one go, you could save thousands of pounds in interest by choosing a flexible drawdown plan.
You could also save thousands of pounds by choosing an interest-only plan.
Things to bear in mind
- The interest will compound – in other words, interest will be due on both the amount borrowed and the interest already owed. This makes a lump sum lifetime mortgage more expensive than an interest-only one.
- There are no monthly payments to make.
- You’ll continue to live in, and own, your home, and your estate will benefit from any house price rises.
- Some plans guarantee inheritance for your loved ones.
- You can use the money for anything you want.
Interested in learning more about our lump sum lifetime mortgage options? Contact Largeequityrelease.com today.