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Santander’s Lifetime Mortgage FAQ’s
What is Lifetime Mortgage?
It’s important to note that lifetime mortgage is a way of releasing the wealth (cash) tied up in your property without the need to move. With Santander lifetime mortgage products, if you are over the age of 55, you can either borrow against the value of your home or sell all or part of it for a regular monthly income, a lump sum, or the facility to get at equity as and when you like or a combination of these options.
Santander lifetime mortgage review – get a free lifetime mortgage quote here and let SovereignBoss connect you with an expert adviser to learn more.
Discover what it is here, the types of equity release here, how it works here, or use our free calculator here.
If you’re looking for a specific company try these providers here.
Types of Lifetime Mortgage Schemes
Although there are many different plans available, they can all be split into four main categories of lifetime mortgage schemes.
You release a lump sum from the value of your property, by taking out a mortgage secured on your property (provided it is your main residence) whilst maintaining 100% ownership of your home. This amount, plus any interest accrued, (you can choose to make repayments) is repaid from the sale of your property when you pass away or move into long-term care.
Drawdown Lifetime Mortgage
his works similar to Lifetime Mortgage but with a regular cash reserve/draw down option allowing you to withdraw amounts at a frequency you choose up to a specified amount of years, or until the cash reserve has been used up.
Interest-Only Lifetime Mortgage
You get a lump sum and pay a monthly interest on the loan, which can be fixed or variable, rather than allowing the interest to roll up. The amount you originally borrowed is normally repaid when your home is eventually sold.
Home Reversion Plan
Here, you sell some or all of your property to a home reversion provider in exchange for a lump sum of money or regular payments, whilst maintaining the right to remain living in your home, rent free, for as long as you live, but you have to agree to maintain and insure it. At the end of the plan your property is sold and the sale proceeds are shared according to the remaining proportions of ownership.
What Can Santander Lifetime Mortgage be Used For?
With Santander lifetime mortgage scheme, you are free to use the money on almost anything you choose. There are many reasons for releasing equity from your home and here are just a few of them:
To supplement your pension income to cover living expenses
To settle a repayment mortgage or clear the balance on an interest-only mortgage
To improve your standard of living
To see your family enjoy their inheritance while you’re still here
To carry out some home improvements
To take that holiday of a lifetime
To help your children onto the property ladder
To pay off other outstanding debt and lower your monthly outgoings.
Santander lifetime mortgage review – get a free Santander lifetime mortgage quote and chat with an adviser to learn more.
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Is It Right for Me?
Note that lifetime mortgage plans are not right for everyone and it is important that you fully consider your options and receive independent financial advice before making a decision. It is also important that, if you do decide to use an Santander lifetime mortgage product, you choose one that meets your needs.
Remember that taking an lifetime mortgage plan is generally a long term option. However, there are flexible plans available that may fit your varying needs and some will allow you to repay in the future without any penalties. A financial adviser can help you to choose the plan that is right for you.
SovereignBoss is perhaps one of the most comprehensive lifetime mortgage portals for one reason: apply and within moments you’ll get connected with the nationwide lenders without any extra work on your part.
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