Yes, but if you do this the interest rate on your loan will increase to no more than 8% above the Standard Variable Rate. You can find out exactly how much it will increase to by checking your original mortgage offer or by calling us on 0300 159 7152. Phone lines are open Monday to Friday …
Can I make overpayments to my Together loan?
Yes, there’s no limit to the amount you can overpay by. You can choose to make regular overpayments, for example by paying an extra £100 each month, or lump sum overpayments. Making overpayments will reduce the amount of interest you will pay over the term of your loan. You can find out how to make …
What is a Together loan?
It’s a mortgage and a ‘linked’ unsecured loan which run side by side. You make one payment to us each month which covers both the mortgage and the loan.
Can I rent out my property when I have a lifetime mortgage?
No. The terms and conditions of your lifetime mortgage require you to live in the property. If you want to rent out the property, you’ll need to repay the outstanding mortgage balance.
What happens if the value of my property isn’t enough to pay off the amount I owe on my lifetime mortgage?
Your lifetime mortgage has a ‘No Negative Equity Guarantee’. This means that if the sale price isn’t enough to pay off the outstanding balance, we won’t ask for the difference to be paid (known as a ‘shortfall’). If you’re worried that the sale price of your property won’t be enough to pay off your lifetime …
Can I pause or stop the monthly income payments on my lifetime mortgage?
You can stop the income payments at any time, but once we’ve stopped them they can’t be restarted. So, it’s important to be sure that you no longer require the monthly income before you ask us to do this. Interest will continue to be charged to the outstanding balance. You’ll need to write to us …
How do you calculate the interest on my lifetime mortgage?
Your mortgage is an ‘interest roll-up’ mortgage. This means the interest is added to your outstanding balance each month and you don’t need to make any monthly payments to pay it back. You can find out what the interest rate is on your lifetime mortgage by checking your original mortgage offer or by calling us …
Can someone speak to you about my lifetime mortgage on my behalf?
Yes, but first you’ll need to give us your authority. Visit the Update your details section on our Manage Account page and select ‘Giving someone third-party authority’ for information on how you can do this.