How does it work?
A Lifetime Mortgage is a loan secured against your home. Regular repayments are not required, although you can choose to make optional repayments. Interest is added to the loan balance each month, so the amount you owe increases over time.
If you still have an existing mortgage or charge on your home, it must be cleared before or as part of putting the Lifetime Mortgage in place. Where the Lifetime Mortgage is being used to refinance it, funds from the Lifetime Mortgage must be used to repay the existing mortgage.
How much could I borrow?
The amount available depends on factors including your age, the value of your home and Spry Finance’s lending criteria.
Where you use a Lifetime Mortgage to refinance an existing mortgage, the existing mortgage must be repaid from the Lifetime Mortgage proceeds. Any amount remaining after the existing mortgage is repaid is the additional money available to you, subject to the loan amount approved.
Could it be right for me?
It may be worth exploring if you:
- still have a mortgage on your home;
- are approaching the end of your mortgage term;
- would like to understand whether your existing mortgage can be refinanced; or
- want to explore whether a Lifetime Mortgage could work for your circumstances.
A Lifetime Mortgage isn’t right for everyone. Customers should consider the alternatives and their individual circumstances before proceeding.
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