The increasing flexibility of Lifetime Mortgages includes the following facilities
1. Monthly fixed interest-only payments;
2. Ad hoc payments of up to 10% of the amount borrowed each year;
3. Borrowing is available even where there has been adverse credit, even a discharged bankruptcy;
4. Borrowing is available even where there are up to 2 lodgers or a self contained rental part of the house;
5. Money raised can be used for virtually any purpose. In our experience the money is raised mainly for the following reasons: to clear existing debt, for works to the property, to help out a family member and enjoying life a bit better.
6. Borrowing can be done either without having to make any payments with the borrowing and interest to be paid by the eventual sale of the property; or by paying interest monthly or occasionally.
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