A lifetime mortgage works differently to a residential mortgage, which is a loan usually required to help buy a home. Some of the main differences include no need to make monthly payments, and the duration of the loan is not fixed as it is repaid when you die, or move into long term care.
The amount you can borrow depends on how old you are and the value of your property. You’ll still own your home and stay in it for as long as you wish. The loan is repaid in full (along with the interest), from the sale of the property when you die or move into long-term care. If you have a joint lifetime mortgage, the loan is repaid when the last property owner dies or moves into long-term care.
A lifetime mortgage is a way of borrowing money against some of your home’s value, without having to move. It's a loan that's secured against your home to give you tax-free cash that you can take all at once or in smaller amounts as and when you need it.
Your adviser will talk you through the products and your options, find out more on how it works.
Our products have a set of minimum qualifying criteria that you must meet to be eligible. If you are able to answer yes to the following qualifying questions then you may be eligible for our Lifetime Mortgages.
Are you aged over 55?
Is the property your primary residence?
Is your property made of standard construction, and in, England, mainland Scotland or Wales?
Is your property valued at over £100,000 (£150,000 for ex-council)?
You must use the released fund to pay off your Santander mortgage balance in full, including any early repayment charges that may apply.
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