Here are some examples of the maximum amounts that could be borrowed using a Lifetime Mortgage. The examples are based on a property worth £300,000 but the scale remains the same for a property worth more and for one worth less. Just give us a ring if you want to know how much you could borrow on your property.
Note: Interest rates have generally been good in the recent past. Any
changes that might come with Brexit could change that so, if a Lifetime Mortgage is something you want to do, it may be best to do it now.
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55 25.6% £77,000
60 34.0% £102,000 (Note: These are examples only but do
65 39.0% £117,000 represent a reasonable estimate of the
70 44.0% £132,000 maximum borrowing at the ages shown.)
75 47.0% £141,000
(The illustrated borrowing amounts above assume a property value of £300,000 and, if the property is jointly owned, that the age is based on that of the younger partner/spouse. For maximum borrowing interest rates vary from about 6.0% to 7.0%. Lower percentages of borrowing give rates as low as 3.30%. Also, if there is a serious medical condition, a higher level of borrowing may be possible).
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