Lump Sum Lifetime Mortgages

A one-off loan against your home with no monthly repayments

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Mortgage Enquiries

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Mortgages Accepted

Use your home to get all the money you need now, in one go

A lump sum lifetime mortgage could be viewed as the most simplistic and of lifetime mortgages because there is no need to factor in provisions for future withdrawals of cash or repayments.

Moreover, a lump sum lifetime mortgage can be preferable for beneficiaries to ensure their parents or guardians do not overspend unnecessarily.

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Lump Sum Mortgages - Your Questions Answered

A lump sum lifetime mortgage provides you with a cash amount in the form of a mortgage loan.
You won't have to make any repayments on the loan as interest will be added each month to be paid when your home is eventually sold.
 

What is a Lump Sum Lifetime Mortgage?

This is the most popular kind of lifetime mortgage as it is a loan in which the interest payable is compiled over the full-term of you plan. Therefore, there’s nothing extra to pay for the duration, but the interest is collated year after year until you pass away or move into residential care. This type of lifetime mortgage comes with a fixed interest rate.

These mortgages do not suit everybody and individual circumstances play a huge part on whether they are the best option for you.

How does a Lump Sum Lifetime Mortgage work?

Opting for a lump sum lifetime mortgage allows you to release a lump sum of equity in one go. Think of it as taking out a secured loan against your property in exchange for a tax-free lump sum of money.

What interest will I pay on a Lump Sum Lifetime Mortgage?

The interest amount will be fixed according to the amount you borrow, regardless of what happens to the market of Bank of England base rate, so you can be sure you know what’s owed, and it can also be a lower rate than other types of equity release.

The key is that you don't have to pay off the interest until become deceased or move in to permanent long-term care. However, the accumulation of interest, over the duration of the lifetime of the loan, could mean that the total amount payable is quite expensive, especially when compared to a drawdown lifetime mortgage, for instance.

How much can I borrow with a lump sum lifetime mortgage?

This will be calculated based on the age of the youngest homeowner and the value of your property. In essence, the older you are, the greater the maximum amount of tax-free cash that is available to release.

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