"We started to look at lifetime mortgages as we realised there was real advantage in being able to help our children. We have a lot of money tied up in the house and it was a way of releasing that money for better lives for ourselves, our children and our grandchildren."
- John and June, Oxfordshire

Compare our later life mortgages
Lifetime mortgages and retirement interest-only mortgages may appear similar, but it's important to understand the differences between each product. We've pulled out some of the key points below.
Our Lifetime Mortgages | Our Retirement Interest Only Mortgage | |
Age | 55+ | 55+ |
Minimum loan amount | £10,000 | £10,000 |
Maximum loan amount | Determined by your age and property value | Up to 60% of the value of your home, subject to an affordability assessment |
Minimum property value considered | £70,000 or £100,000 for flats, maisonettes, ex council, ex housing association or ex Ministry of Defence properties. | £70,000 or £100,000 for flats, maisonettes, ex council, ex housing association or ex Ministry of Defence properties. |
Is there an affordability assessment? | No | Yes |
Is the loan secured against my home? | Yes | Yes |
When do I have to repay the full amount of the loan? | The loan is usually repaid when you die or move out of your home into long-term care. | The loan is usually repaid when you die or move out of your home into long-term care. |
Do I have to pay interest every month? | No - interest is charged on the loan amount plus any interest already added, so the amount owed will increase quickly over time. However, you can choose to pay off some or all of the monthly interest to prevent this. | Yes - the interest due is payable in full by you each month. As a last resort, your home may be repossessed if you fail to keep up repayments. |
Is the interest rate fixed? | Yes. The interest rate is fixed for the life of the loan. | Yes. The interest rate is fixed for the life of the loan. |
Our Lifetime Mortgages | Our Retirement Interest Only Mortgage |
A mortgage may affect means-tested benefits, your tax position and any future inheritance.
Discover which later life mortgage might suit you
Choosing the right later life mortgage for you can be difficult. To see which products could be right for you, just answer a few simple questions and we’ll point you towards the product that may be appropriate for your needs.

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