Which later life mortgage? We'll help you get started This tool aims to help you understand which of our later life mortgages could be right for you. It should not be considered advice. Other providers may use different minimum ages and property values. A later life mortgage is a loan against your home and can only be purchased through qualified financial advisers. Your adviser will help you choose the best product for you. 1 Eligibility criteria Are you aged 55 or over? Yes No Do you own, or are you in the process of buying, your own home? Yes No Is your home worth £70,000 or more? The value of your property must be at least £70,000 or £100,000 for flats, maisonettes, ex-council, ex-housing association or ex-Ministry of Defence properties. Yes No Sorry, you're not eligible for one of our later life mortgages In order to take out one of our later life mortgages, you must be aged 55 or over, and own or be in the process of buying a home worth £70,000 or £100,000 for flats, maisonettes, ex-council, ex-housing association or ex-Ministry of Defence properties. Other providers may use different minimum age or house value limits. If you need support finding ways to improve your retirement income or paying off an existing mortgage, we recommend taking financial advice. Use Unbiased.co.uk to find a financial adviser in your area. Visit Unbiased 2 Receiving the money How do you want to receive the money? Depending on the product, you can choose to receive the money as a one-off lump sum or as a series of lump sums. A one-off lump sum A series of lump-sums 3 Paying the interest Do you want to pay off all, some or none of the monthly interest? Different later life mortgages provide different options for paying off the monthly interest. For some products you have to pay off the interest for the life of the loan, for some you choose whether to pay off some or all of the interest, while for others you don't have to make any payments. Paying off interest will reduce the overall cost of the loan. Whatever you choose, the loan is repaid from the sale of your house when you die or move permanently out of the home and into long-term care. I want to pay off all the monthly interest I want to pay off some interest I don't want to pay off any interest Do you want to pay off all, some or none of the monthly interest? Different later life mortgages provide different options for paying off the monthly interest. For some products you have to pay off the interest for the life of the loan, for some you choose whether to pay off some or all of the interest, while for others you don't have to make any payments. Paying off interest will reduce the overall cost of the loan. Whatever you choose, the loan is repaid from the sale of your house when you die or move permanently out of the home and into long-term care. I want to pay off all the monthly interest I want to pay off some interest I don't want to pay off any interest How long do you want to pay off the monthly interest for? Depending on the product, you may be required to pay off the monthly interest for the duration of the loan. Other options allow you to stop making payments. I can pay off the monthly interest for the life of the loan I want to be able to stop making payments Consider our Flexible Lifetime Mortgage Our Flexible Lifetime Mortgage allows you to take the money released from your home as a lump sum, or a series of lump sums, and pay nothing until you die or move into long term care. Remember, with a lifetime mortgage interest is charged on the loan, plus any interest already added. So, the amount you owe will increase quickly over time. There may be cheaper ways to borrow money. This suggestion is based on the information you've provided so far. It is not financial advice. Our later life mortgages can only be bought through a qualified financial adviser. Your adviser will help you find the right product for your needs. Next steps Once you've explored your later life mortgage options, give our advice team a call and we'll help you understand which product could be right for you. For later life mortgage advice freephone 0808 115 8129 Monday to Sunday, 8:30am to 8:00pm We may record and monitor calls. Find out more about our Flexible Lifetime Mortgage Consider our Retirement Interest Only Mortgage Our Retirement Interest Only Mortgage allows you to take the money as a lump sum. You have to pay the interest each month, which means the amount you owe doesn’t increase over time. Remember, with a Retirement Interest Only Mortgage 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. This suggestion is based on the information you've provided so far. It is not financial advice. Our later life mortgages can only be bought through a qualified financial adviser. Your adviser will help you find the right product for your needs. Next steps Once you've explored your later life mortgage options, give our advice team a call and we'll help you understand which product could be right for you. For later life mortgage advice freephone 0808 115 8129 Monday to Sunday, 8:30am to 8:00pm We may record and monitor calls. Find out more about our Retirement Interest Only Mortgage Consider our Optional Payment Lifetime Mortgage Our Optional Payment Lifetime Mortgage allows you to take the money released from your home as a lump sum, or a series of lump sums, and pay off some or all of the interest. You can stop interest payments at any time, but you won’t be able to restart them. Paying off interest will reduce the overall cost of the loan. Remember, with a lifetime mortgage interest is charged on the loan, plus any interest already added. So, if you don’t pay some or all of the monthly interest, the amount you owe will increase quickly over time. There may be cheaper ways to borrow money. This suggestion is based on the information you've provided so far. It is not financial advice. Our later life mortgages can only be bought through a qualified financial adviser. Your adviser will help you find the right product for your needs. Next steps Once you've explored your later life mortgage options, give our advice team a call and we'll help you understand which product could be right for you. For later life mortgage advice freephone 0808 115 8129 Monday to Sunday, 8:30am to 8:00pm We may record and monitor calls. 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