Interest Only Lifetime Mortgages

Get a lump sum cash payout now - repay at a rate you choose

£*

Mortgage Enquiries

£*

Mortgages Accepted

Release money to use as you wish without increasing your mortgage balance

An interest only lifetime mortgage could allow you to release a cash lump sum from the mortgage on your home in a cost-effective way, because as long as you keep up with the interest payments, the amount you owe never increases.

Why choose MortgageKey for Interest Only Lifetime Mortgages

Free and friendly advice

There are no obligations or fees for consulting our experts

Easy and stress-free

We pride ourselves on taking away the stress and fear of financial planning

Huge range of deals

We’ll compare thousands of deals to get you the best offers, tailored to you

Award-winning expertise

We’re recognised for our fantastic range of products and great relationships with lenders

Award-winning mortgage and loans experts – ready to help you today

Our team of specialists will guide you through the process of securing a mortgage, buying a home or taking out a loan – finding the very best deals for you and your family.

Mortgage & Loan Guides

Read our experts’ latest advice on a wide range of mortgage options to the tax implications of buying properties to let.

Find out more

Infographics

Making mortgages and loans simpler to understand is our key skill, and our infographics do just that!

Find out more

Hear from our Clients

Don’t just take our word for it, hear from our happy clients who we have helped through the mortgages and loans process.

Find out more

Interest Only Lifetime Mortgages - Your Questions Answered

An interest only lifetime mortgage is an attractive option, when it comes to alternative lifetime mortgages because it allows you to release equity and reduce the interest.

You can choose to pay off some, if not all, of the interest during the term of your loan. This allows you to future proof the inheritance you leave too.

How does an Interest Only Lifetime Mortgage work?

Interest only mortgages tend to follow the same set of principles as standard lifetime mortgages; the minimum age is 55 and the loan to value (LTV) is based on the youngest applicant as well as the market value of your property.

The amount of equity released tends to increase with the age of the homeowners and their life expectancy.

How much interest will I pay?

The level of interest repaid back to the lender can be determined by the homeowner, depending on factors like pension income, inheritance and the size of the loan.

You are free to select your level of contribution, in terms of repayments.

If the contribution level towards your interest only lifetime mortgage is lower than the interest charged, it will begin to add up.

However, the most popular option is to fully repay the interest each month, in order to maintain a static mortgage balance.

Can you get an Interest Only Lifetime Mortgage if you’re retired?

Previously, retirees have found it difficult to secure additional finance due to their age and income. Lifetime mortgages, however, paved the way with equity release plans where age is no barrier. By assessing each individual circumstance, and using a thoughtful lending approach with flexibility, we can offer plans to suit your retirement goals.

What else do I need to know about Interest Only Lifetime Mortgages

Interest only lifetime mortgages do not suit everybody. Individual circumstances play a huge part on whether an interest only lifetime mortgage is the best option for you as releasing equity can affect your tax position and entitlement to benefits, and the amount of inheritance you might leave.

What our clients are saying

  • Efficient , great customer service and an easy process.
    Leila
  • Excellent service from the guys at Mortgage Key. Callum was amazing. Georgia and Gareth were awesome too. WELL DONE
    Mr Mohammad Razak
  • Excellent Service.
    K Gill
  • Great staff very helpful, they keep you upto date with everything.
    Mr M Shafqat
  • Absolutely amazing couldn’t have asked for a better mortgage company.
    Amy
  • Mortgagekey have been excellent so far in helping me and my partner, always happy to help and keep us up to date with the status of our mortgage appli...
    Harrison
  • A perfect customer experience from start to finish: knowledgeable, reliable and lovely to talk to. Thank you Sally! X
    Michael Spaul
  • Extremely efficient and friendly and nothing is too much, they keep you informed every step of the way excellent service would highly recommend.
    Leanne Palmer
  • I have used Mortgagekey to remortgage two properties three times now. They have been excellent at every step of the way - and they got us great rates!
    JOHN
  • I would recommend mortgagekey because their professional service and keeping on top of things in a very difficult time and always keeping me up to da...
    Anthony
  • Within a couple of hours Jamie had found us a lender after we were let down by our own bank that we have been with for over 30 years. Everything went ...
    David
  • Absolutely amazing service! Rory was fantastic from beginning to end- reassured me no end too! I would strongly recommend using Mortgage Key to anyo...
    S M Dalby
  • Excellent help to get a remortgage . Thank you . Efficient and knowledgeable.
    Laura R
  • Dealing with mortgage key has been effortless. Callum has made me feel at ease during the whole process and to be honest I cannot think of one bad thi...
    Daniel Mitchell
  • Always give excellent advice and service
    Nicola Rice
  • Really good service with these guys. The whole team were really informative through out even through the covid 19 pandemic! Couldn’t recommend more!...
    Leo Berry
  • Excellent service..very friendly and knowledgeable advisors...thank you Tracy..I can thoroughly recommend them. This is the fourth time I've used them...
    Pamela Davey
  • Great service, offer within 12 hours.
    Mr Daly
  • Superb from start to finish
    Steve
  • At the beginning of the Coronavirus pandemic, I was close to signing a new mortgage deal which was nearly £200 more expensive than the deal they have...
    Benjamin Bailey

Trusted by our clients

Ready to talk? Speak to an expert today: 0800 077 8980