Lifetime Mortgages

A Lifetime Interest Only Mortgage

Summary

These plans enable you to raise a lump sum at a fixed interest rate, which is then added to the loan. They are also known as ‘roll-up’ schemes.

You have no monthly payments to make & there is the security of the 100% ownership of your home.

You have the right to remain in the property for the rest of your lives and the plan is repaid when the property is sold, which usually occurs when you die or enter long term care.

Advantages

    • Plans are available from age 55 to age 95
    • You will benefit from any future increase in property value
    • Option of fixed interest rates for the lifetime of the plan
    • Flexibility of borrowing additional funds in the future (subject to lender approval)
    • Optional guarantees to protect a portion of your estate for your family

 

Disadvantages

  • The Lifetime Mortgage balance will compound over time
  • Your tax position and eligibility for means-tested benefits may be affected
  • A lifetime mortgage usually cannot raise as much as a reversion plan
  • Early repayment charges may apply
  • Your beneficiaries may receive a reduced inheritance

This is a lifetime mortgage.  To understand the features and risks, ask for a personalised illustration.

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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Quartz Financial Services Ltd is an appointed representative of New Leaf Distribution Ltd which is authorised and regulated by the Financial Conduct Authority Number 460421.

Registered Office 1st Floor Princess Caroline House, 1 High Street, Southend on Sea, Essex, SS1 1JE.

A typical fee for arranging your mortgage is £595, however, a fee of up to 1% of the mortgage amount may be charged.

Quartz Financial Services Limited, registered in England & Wales No. 09497195. Registered Office: The Base Dartford Business Park, Victoria Road, Dartford, Kent DA1 5FS. Telephone 01474 887948.  Financial Conduct Authority Number 591061.

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