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Our Lifetime Mortgages could allow you to pay off the balance of your interest only mortgage, from The Co-operative Bank. If there's still money to borrow, you may use it as you wish, for example for home improvements, holidays or to improve your quality of life.
With our Flexible Lifetime Mortgage, you won’t have to make any monthly payments. With our Optional Payment Lifetime Mortgage, you can choose to pay some, or all, of the monthly interest by Direct Debit. If you choose this product, it could help you reduce the overall cost of the loan. You can stop making monthly interest payments at any time.
For both our Lifetime Mortgages, any unpaid interest is added each month to the amount you owe and will increase quickly over time. This means interest is charged on the loan plus any interest already added. A lifetime mortgage will reduce an inheritance and the equity left in your home.
The amount you can borrow depends on how old you are and the value of your property. You’ll still own your home and can stay in it for as long as you wish. The loan and interest are usually repaid when the last surviving borrower dies, or moves out of their home and into long-term care.
Your adviser will talk you through the products and your options, find out more on how it works.
Our products have a set of minimum qualifying criteria that you must meet to be eligible. If you are able to answer yes to the following qualifying questions then you may be eligible for our Lifetime Mortgages.
Are you aged 55 or over?
Is the property your primary residence?
Is your property made of standard construction, in a good state of repair and free of any tenancy restrictions?
Is your property in England, Wales or mainland Scotland?
Is your property valued at £100,000 or more (£150,000 for ex-council, ex-housing association or ex-Ministry of Defence properties)?
You must use the released funds to pay off the balance of your mortgage, from The Co-operative Bank, in full, including any early repayment charges that may apply.
Legal & General Home Finance Limited is a wholly owned subsidiary of Legal & General Group plc. Registered in England and Wales number 04896447. Registered office: One Coleman Street, London EC2R 5AA.
Legal & General Home Finance Limited is authorised and regulated by the Financial Conduct Authority.
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