Lifetime Mortgage

A lifetime mortgage is designed to run for the rest of your life, this product allows you to release some of the cash tied up in your Spanish property without the upheaval of downsizing. If you are 65+ and would like to release some cash now, this product allows this without any monthly repayments. The interest compounds monthly with no repayments for the term of the mortgage. The mortgage is only repayable upon sale of the property, after death, or if the owner moves into long term care. This means you have an interest only mortgage on your property with the interest rolling up on a monthly basis, no repayments are required until the property is sold and there are no income requirements. The mortgage is secured on your property and has a no negative equity guarantee. This means in the event of your home being sold for less than the value of the outstanding mortgage and accrued interest, the lender guarantees that you or your beneficiaries will not be expected to make up the difference, providing you with complete peace of mind. Please note however, the “No Negative Equity Guarantee” will not apply if you let the property outside of the limited conditions permitted. The benefits to you are :- 1. Cash Lump Sum 2. No Monthly Repayments 3. Inheritance Tax may be reduced 4. No proof of income required 5. You retain full ownership of the property The minimum age for applicants is 65 years old with no maximum age limit, the maximum loan to value is 50% of the value of the property. See the below table to find out exactly how much you can borrow without making monthly repayments!

* Maximum 2 Borrowers

** LTV based on lower age

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