Lifetime mortgages

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.

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 …

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 …

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 …

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.

Yes, you can pay off your lifetime mortgage at any time. To find out how much you owe and how to make the payment, you will need a redemption statement. You can request one by:

Yes, you can. You’ll need to write to us to give us the new bank details that you want us to send the payments to. Your letter must be signed by all people named on the mortgage.  If you’re unable to provide your signature, please call us on 0330 159 7152 so we can look at …

Yes, you can. You can pay by debit card over the phone or using our self-serve facility, by bank transfer or cheque. If you send us a cheque, please remember to write your account number on the back.