Just For You Lifetime Mortgage

Background

Just Retirement are an established lifetime mortgage lender with a strong presence in the post retirement marketplace. Specialising traditionally in providing retirement income via annuities, they also lend money in the form of equity release schemes. Having its own equity release funding model comes with its advantages and has proved the strength of the company in this increasingly competitive lifetime mortgage marketplace.

They are not only a lender, but also a funder to other equity release companies who've developed their own product ranges. Just Retirement offer traditional roll-up lifetime mortgages ranging from drawdown, lump sum and interest only lifetime mortgages to enhanced lifetime mortgage plans.

The 'Just For You' range of lifetime mortgage plans offer a tailored approach to designing your own equity release scheme with one of these options being the ability to service some, or all of the monthly interest charged.

Just now provide one plan that can integrate features which can be individually selected based on your requirements. There are five loan-to-value tiers, each of which will determine the level of borrowing available and the interest rate charged.

Eligibility

The Just For You Lifetime Mortgage - Interest Serviced option offers the most competitively priced equity release interest rate, compared to other versions of the scheme.

The minimum property valuation acceptable on the Just For You Lifetime Mortgage is £70,000, with no upper valuation figure in force.

Just will accept properties that are the homeowners main residence - in England, Wales, Scotland. They are one of only two lenders to offer equity release schemes in Northern Ireland. For properties in Northern Ireland certain restrictions can apply, hence contact the Equity Release Supermarket team on Freephone 0800 678 5955 to check availability.

The Just For You - Interest Serviced Lifetime Mortgage is available on both a single and joint life along with tenants in common.

The youngest acceptable age for any homeowner is 55. When choosing the Interest Serviced option there is a maximum age limit at inception of age 80 based on youngest age.

The minimum initial cash advance on this lifetime mortgage with Just is £10,000, with the maximum loan being £600,000 in England, but limited to £250,000 in Wales, Scotland and Northern Ireland.

For equity release loans greater than £600k, bespoke quotations are available via Equity Release Supermarket. Please call Freephone 0800 678 5955 for your personalised 'Just For You' Key Facts Illustration.

Features

The Just For You - Interest Serviced Lifetime Mortgage provides the ability to choose a repayment strategy over the interest being charged. Dependent upon the level of monthly repayment as a percentage of the loan amount, will determine the interest rate applied by Just at commencement of the plan.

Just provide interest rate tiers for the monthly payment options as follows:-

• 0.01% reduction to the roll up interest rate if servicing up to 25% of the monthly interest amount
• 0.10% reduction to the roll up interest rate if servicing up to 25.01%-50% of the monthly interest amount
• 0.15% reduction to the roll up interest rate if servicing up to 50.01%-75% of the monthly interest amount
• 0.30% reduction to the roll up interest rate if servicing up to 75.01%-100% of the monthly interest amount

The higher the monthly repayment amount - the greater the discount applied to the plan. Selecting 100% repayment of interest, will actually maintain a level mortgage balance throughout the term; in essence managing the plan as an interest-only lifetime mortgage.

Just impose a minimum payment amount towards the scheme of £25pm, or upto 100% of the monthly interest charged. Payments can be made on the 1st or 15th of the month.

Therefore, dependent upon budget, you can choose whatever repayments are comfortable, with no proof of income or affordability required to obtain this 'Just For You' mortgage.

Whereas with conventional mortgages, repayments must be maintained at all times, the Just For You Lifetime Mortgage will permit payment holidays - with restrictions. One payment holiday of upto three consecutive months can be taken in each 12 month period to give flexibility over household budget. Any payments missed will be added to the loan balance and compounded thereafter.

The Just For You plan will also allow payments to be stopped at any time without financial penalty. However, once payments are stopped, they cannot be restarted. The plan will then effectively run as a roll-up lifetime mortgage with the interest rate being increased by the initial discount provided at the outset.

Just offer a generous unlimited free valuation and a fixed equity release UK lifetime interest rate.

As a company Just subscribe as members of the Equity Release Council, hence their plans include a No Negative Equity Guarantee. Therefore, upon the final sale of the property, the homeowners beneficiaries cannot be left with a personal debt to this home equity release company.

Options

As the Just For You Lifetime Mortgage enables you to design your own plan, additional features other than interest servicing are available. These options must be selected prior to offer and induction of the plan.

By selecting the Cash Facility option, Just will integrate a drawdown facility into the scheme. Therefore, once the maximum loan is calculated - based on age and property value, Just will provide a drawdown facility based on the funds remaining after the initial lump sum is withdrawn.

This reserve is subject to an overall maximum £200,000 drawdown facility, with the minimum withdrawal amount being £2,000 a time and comes with no administration charge.

By choosing this Cash Facility, the interest rate and subsequent cash withdrawal rates will be increased by 0.1% to the standard terms.

Should there be any history of poor health on the youngest applicant, Just can take medical history into account when calculating the terms of the lifetime mortgage. This medically enhanced option is also available with monthly repayments. The greater the severity of the illness, the higher the potential lump sum can become. Again, the interest rate will be adjusted accordingly by Just's underwriters.

Additional borrowing maybe available should the cash reserve facility be fully utitised. If any further advances are taken, they will be charged at the interest rate applicable at the time of each withdrawal.

Another feature that will benefit joint homeowners is the 3-year window of opportunity for repayment with no penalty, should either partner die, or move into care. On such an event, the survivor has three years to repay the equity release loan without any early repayment charge.

*the Just For You Lifetime Mortgage offers cashbacks of upto £2,000 and application fees between £0 and £600, dependent upon age and loan-to-value.
**the rate quoted applies to homeowners age 70+

To obtain further information or to request a quotation on the Just For You - Interest Serviced Lifetime Mortgage, please contact the Equity Release Supermarket team on Freephone 0800 678 5955 today.