Interest only (IO) lifetime mortgages could be an ideal way to borrow if you have the income available to make the monthly interest repayments. IO lifetime mortgages work very much like residential IO mortgages in that by repaying the accruing monthly interest, only the initial amount borrowed is repayable when the plan ends. As you are making regular repayments, the amount you can borrow is slightly less than with a ‘standard’ lifetime mortgage. At 55, you could borrow a maximum of 25.9% of the value of your property. At 75 it’s 48.5%. (Correct as 26.3.21.)