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Lifetime Mortgages
If you are aged 55 years or older, you may wish to release equity in your home by means of a lifetime mortgage. We recommend that you seek independent financial and legal advice prior to applying for this mortgage. It is possible to use the value of your home to raise funds for a wide variety of purposes such as:
- Inheritance Tax Planning
- School Fees and university costs
- Assisting children and grandchildren to purchase a property
- Enjoy a better lifestyle
- Enhance your income
- Provide a lump sum
- Repairs and improvements to your home
Lifetime mortgages can also be arranged if you are moving home, whether it is to somewhere larger or smaller. Our role is to arrange a lifetime mortgage for you.
Interest Only Scheme
This is where you take out a loan secured on your home and interest on the loan is paid each month.
The amount originally borrowed is repaid when the property is eventually sold.
The Key features of this mortgage are detailed opposite. In addition to this, copies of our Tailored Mortgages and Mortgage Information leaflets are available as a PDF download.
For further details and to discuss your clients individual requirements please contact our Mortgage Department on 01582 463133 or email mortgages@harpendenbs.co.uk.
Tailored Mortgages Leaflet PDF2.2MB You will need to have Adobe Acrobat Reader installed on your computer to view or print any of our forms. Click here to download.
*The actual rate payable will depend upon your clients individual circumstances, please ask for a personalised illustration.
This mortgage will be regulated by the Financial Services Authority (FSA). Follow this link for information regarding Mortgage Regulation.
Building insurance cover is required and can be arranged by the Society.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
The Society is authorised and regulated by the Financial Services Authority.
| Terms | |
| Minimum loan: | £50,000 |
| Maximum loan: | £1,000,000 |
| Value of property: | Not less than £200,000 |
| Max Loan to Value: | 70% |
| Current variable rate: | From 4.19% * |
| Overall cost for comparison: | 4.3% APR * |
| Leasehold: | Plus 0.15% to above rates |
| Portable: | Yes |
| Ages: | Minimum 55 - no maximum |
| Income capacity: | Based on affordability |
| Property location: | England and Wales |
| Repayment methods: | Interest-only. Repayment and part & part also available |
| Administration Fee: | £25 |
| Arrangement Fee: | Refer |
| Valuation Fee: | Refer |
| Legal Fee: | Refer |
| Deeds Release fee: | £50 |
| Redemption fee: | £75 |
| Available for new purchase: | Yes |
| Available for remortgage: | Yes |
| Early repayment charge: | For the first 3 years |