Lifetime Mortgages for Residents in the home

Residents in the home

A Lifetime Mortgage is primarily intended for singles or couples living without other people in residence with them. Life can be more complicated than that, so you need to know the implications if there are other residents in the home.

Nominated Residents

The Lifetime Mortgage allows a maximum of two residents to be classed as ‘Nominated Residents’:

Only Nominated Residents have the right to live in the property for as long as they live or as long as they wish without repaying the loan.
Where there is only one Nominated Resident, he or she must be at least 60 years of age.
Where there are two Nominated Residents, the younger of you must be at least 60 years of age.

Talk to us Read our FAQ's

Other residents

Friends or family may live with you but if they are not Nominated Residents they will have no right under the Lifetime Mortgage to remain in the property after you (the second of you where there are two Nominated Residents) die or cease to reside in your property.

Depending on the age and circumstances of these other residents, it may not be possible to get a Lifetime Mortgage on the property or these other residents may be required to obtain their own independent legal advice and sign a waiver acknowledging the relevant loan conditions.

The Nominated Residents are obliged to complete an Annual Questionnaire to inform the lender of any changes in circumstances which might affect the loan. This includes a question on whether there are any changes in who is resident in the property.

It is a condition of the Lifetime Mortgage that you do not lease all or part of your property to another party without the lender’s prior approval.

Living with the loan

If your application is successful and your Lifetime Mortgage goes through, you will be a customer of our lending division, Seniors Money.

You will receive the same care and attention from Seniors Money as you will from Spry and, rest assured, you will remain welcome to speak with us in Spry too if we can be of any assistance.