Just Just For You Lifetime Mortgage
Before You Start Reading...
How Much Can You Release? 👇
Just For You Lifetime Mortgage Scheme Review
Just For You Lifetime Mortgage Key Details
- Free Valuation
- Free Application
- Cash Facility Option
- 3-Year No Early Repayment Charge
- Upto 10% Voluntary Payments
- Monthly Payment Option
I think you’ll agree with me when I say:
It’s REALLY hard to choose the best equity release scheme with all the choices available.
Or is it?
Is the Just Just For You Lifetime Mortgage, equity release scheme the best?
Don’t let your equity release dream become a nightmare!
Luckily, we’re here to guide you on the ins and outs of equity release, as you deserve only the best.
However, it’s important to remember that not all plans are suited to each individual. You need to look for one that will serve your home, your lifestyle, and the reason why you’re considering equity release in the first place.
As leading experts in the field, we’ve delved into hours of research, unpacked all the equity release plans on the market (we’ve reviewed over 250 schemes!), and discovered the best in the business.
Let’s find out!
Who Are Just?
With Just Retirement you’ll gain the advantage from choosing an established lifetime mortgage lender with a strong presence in the post retirement marketplace.
More than providing retirement income via annuities, Just Retirement also lends money in the form of equity release schemes through their own equity release funding model. And, beyond lending they are a funder to other equity release companies.
Just Retirement lets you enjoy traditional roll-up lifetime mortgages ranging from drawdown, lump sum and interest only lifetime mortgages to enhanced lifetime mortgage plans.
‘Just For You’, their lifetime mortgage plan gives you the chance to custom design your own equity release scheme. For example, you could create a drawdown facility which will provide access to extra cash withdrawals in the future, if required.
Or benefit from 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.
With this and more, Just Retirement has proved its strength in the increasingly competitive lifetime mortgage marketplace.
Eligibility & Requirements
The Just For You Lifetime Mortgage provides a variety of interest rates and adjustable options, all of which impact the final interest rate paid.
The Just For You Lifetime Mortgage is offered on a single or joint life basis, as well as tenants in common.
Just subscribe as members of the Equity Release Council, and their plans feature a no-negative equity guarantee. As a result, the homeowners’ beneficiaries cannot be left with a personal obligation to Just following the ultimate sale of the house.
Minimum Property Valuation
Just Retirement provides a generous unlimited free valuation with the first release of equity, which is accompanied with a set lifetime equity release UK interest rate.
The Just For You Lifetime Mortgage requires a minimum property appraisal of £70,000, with no maximum valuation limit.
Property Location Requirements
Just property in England, Wales, and Scotland that are the primary residence of the owner will be accepted.
Single vs Joint
The youngest eligible age for any homeowner is 55, with no upper age limit at the outset, unless the monthly payment option is chosen, in which case the maximum age is 80.
The lowest initial advance on this lifetime mortgage with Just is £10,000, with a maximum loan of £800,000 in England and £250,000 in Wales and Scotland.
The Just For You – Lifetime mortgage with medical upgrades is intended to assist homeowners in obtaining the largest equity release lump payment feasible. In short, this strategy provides a financing system depending on the homeowner’s health.
This Just For You maximum loan plan provides a one-time lump sum cash amount on a lifetime mortgage roll-up basis. This is an improved equity release variant of the ‘Just For You’ plan in which the size of the loan is determined by factors such as health and lifestyle.
Just utilize their underwriting skills to determine whether the homeowner’s health will have an impact on the loan amount accessible to them. If an impaired medical history is confirmed after completing a health and lifestyle questionnaire, Just’s underwriters will determine the severity of the illness. The greater the severity, the greater the maximum release of equity.
Just will utilize the health of the youngest applicant as a determining factor for the erroneous computation of the cash lump payment. The increased borrowing capability comes at the cost of a higher interest rate.
The following are the major qualifying health and lifestyle characteristics that will form the foundation of a successful ‘Just For You’ – enhanced equity release scheme: –
Despite the fact that this is effectively an increased lump sum equity release mortgage, Just Retirement will consider a further cash advance six months after the plan has begun if calculations show that extra borrowing is possible.
Additional options are available since the Just For You Lifetime Mortgage allows you to create your own plan. These choices must be chosen prior to the plan’s offer and induction.
Just will integrate a drawdown facility into the plan if you choose the Cash Facility option. As a result, after the maximum loan amount has been determined based on age and property worth, Just will offer a drawdown arrangement depending on the funds remaining after the first lump payment has been taken.
This reserve has a maximum drawdown capability of £200,000, with a minimum withdrawal amount of £2,000 per withdrawal and no administrative fee. By selecting this Cash Facility, the interest rate and subsequent cash withdrawal rates will be enhanced by 0.1 percent in comparison to the normal conditions.
Just impose a minimum payment amount of £25pm toward the program, or up to 100% of the monthly interest charged. Payments can be paid on the first or fifteenth of each month.
Payment holidays are permitted under the Just For You Lifetime Mortgage, but only under certain conditions. Each 12 month term allows for one payment holiday of up to three consecutive months. Any missed payments will be added to the loan sum and compounded.
The Just For You plan also allows you to cancel your monthly payments at any time without penalty. Payments, however, cannot be resumed after they have been halted. The plan will thereafter operate like a roll-up lifetime mortgage, with the interest rate raised by the initial discount offered at the beginning.
If the Interest Servicing option is not chosen, there is alternative means of making repayments with greater freedom. This is accomplished through the voluntary payment option, which allows for the repayment of up to 10% of the initial loan amount without penalty each year.
Again, as with the interest-serviced alternative, no evidence of income is necessary to make voluntary payments, and Just does no affordability checks. By choosing voluntary contributions, no weighting to the interest rate is applied.
Another element that will assist joint homeowners is the three-year window of opportunity for penalty-free repayment if one spouse dies or moves into care. In this case, the survivor gets three years to repay the equity release loan without incurring any early repayment penalties.
Making monthly payments is a second option. These payments are only available at the start of the plan and are depending on affordability.
Just gives interest rate tiers for monthly payment alternatives ranging from 0.01 percent off if servicing up to 25% of the monthly interest amount to 0.30 percent off if servicing between 75.01 percent and 100% of the monthly interest amount.
Selecting 100 percent interest repayment will really keep a constant mortgage balance throughout the period, effectively managing the plan as an interest-only lifetime mortgage.
Just permits for a maximum of six payments in each 12-month period, with a minimum of £500 each time. Following any payment, a minimum overall amount of £10,000 must remain.
*Depending on age and loan-to-value, the Just For You Lifetime Mortgage provides cashbacks of up to £3,000 and application costs ranging from £0 to £600.
**The mentioned rate is for homeowners aged 55 and up who make no payments.
Just's Other Equity Release Schemes
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How Much Can You Release? 👇
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