The properties used within this lifetime mortgage range must be second homes and not the primary residence of the homeowner. In order to qualify as a second home, the property must be available for the sole occupancy of the owner and if let-out, it must not be let-out for more than 4 weeks at a time. It also must be used by the homeowner for at least 4 weeks each year.
The property used to secure the lifetime mortgage must be valued between £70,000 and an upper limit of £6 million, with some exceptions available for homes that exceed £6 million. Please call 0800 802 1051 for your personalised Second Home Equity Release Key Facts Illustration.
The property must also be located in Scotland, Wales or England and there cannot be any formal agreements or Assured Shorthold Tenancy’s in place on the property. Additionally, it cannot be publicly advertised anywhere such as online or through an agency.
The minimum applicant age for these products is 55 and the maximum age is 90. If borrowing jointly, the youngest borrower must be 90 years old or younger.