The Lifetime Mortgage provides a facility for borrowing based solely on your age and the value of the property. The older you are, the more you can borrow and you have the options of either paying just the interest for as long as you wish; making payments now and then; making regular payments so as to reduce the amount borrowed (as with a standard repayment mortgage); or letting the interest build up and be paid from the eventual sale of the property. Here is a sample of the maximum borrowing possible at various ages on a property with a value of £200,000:
Age 55 21% of value £42,000
Age 60 26% of value £52,000
Age 65 31% of value £62,000
Age 70 36% of value £72,000
Age 75 41% of value £82,000
Age 80 46% of value £92,000
Note: These are not guaranteed levels of borrowing. In some cases it may be possible to borrow
somewhat more than shown above, and in other cases, the borrowing may be less.
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