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Just Retirement Lifetime Mortgage (Voluntary Repayment)

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Just For You Lifetime Mortgage

  • Type Fixed
  • Rate 6.51%
  • APR 6.80%
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Incentives:
  • Cashback
  • Free Valuation
  • Free Application
Offers:
  • Upto 10% Voluntary Payments**
  • 5x LTV Tier Options
  • 3-Year No Early Repayment Charge
  • Cash Facility Option
  • Medical Enhancements

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 many available options including voluntary payments.

Just now provide one plan that can integrate multiple 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 with voluntary payments offers various interest rates and flexible options which all influence the eventual interest rate charged.

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 088 5898 to check availability.

The Just For You 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, with a maximum age limit of 85 at inception.

The minimum initial cash advance on this lifetime mortgage with Just is £10,000, with the maximum loan being £1,000,000 in England, Scotland & Wales but limited to £500,000 in Northern Ireland.

For equity release loans greater than £1,000,000, bespoke quotations are available via Equity Release Supermarket. Please call Freephone 0800 088 5898 for your personalised 'Just For You' Key Facts Illustration.

Features

The Just For You Lifetime Mortgage provides the ability to choose a retirement strategy that will provide access to many options to help you manage later life lending plans.

Just provide a flexible payment option by using a voluntary payment option, whereby upto 10% of the original amount borrowed can be repaid each year without penalty. These are effectively early repayment charge 'free' partial repayments.

These voluntary payments require no proof of income, nor are there any affordability checks made by Just. Additionally, no weighting of the interest rate is made by opting for voluntary payments.

Just allow no more than a total of six partial payments to be made in any 12 month period, with a minimum of £500 each time. A minimum overall balance of £10,000 must still be remaining following any payment.

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 including additional features, all these options must be selected prior to offer & induction of the plan.

One option is selecting a Cash Facility option, whereby 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. 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 cashback deals and application fees between £0 and £600, dependent upon age and loan-to-value.
**the Voluntary repayment option is only available if the Interest Servicing facility is not selected.

To obtain further information or to request a quotation on the Just For You Lifetime Mortgage with voluntary partial payments, please contact the Equity Release Supermarket team on Freephone 0800 088 5898 today.

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