Just for your lifetime mortgage at a glance

The Just For You Lifetime Mortgage has been designed to provide customers with an initial lump sum, with options to take extra amounts in the future as well as monthly interest payment options. Please contact us if you have any questions or require further assistance.

Product details

J1

J2

J2.5

J3

J4

J6

LTV range

Please see details below

Cash facility option

✓

✓

✓

            ✓

✓

✓

Monthly payment option

✓

✓

✓

            ✓

✓

✓

Medical enhancement

✓

✓

✓

            ✓

✓

✗

Lending location

England, Wales, Scotland and Northern Ireland

England, Wales and Scotland

Maximum loan / facility

£1,000,000 England, Wales, and Scotland

£500,000 Northern Ireland

£800,000

Minimum age at application (youngest life)

55

Maximum age at application

85

Minimum initial advance

£10,000 without monthly payment option

£20,000 with monthly payment option

Minimum property value

£70,000

£100,000 for ex-local authority houses

£100,000

Legal fees

Customers pay their own legal fees

Servicing interest with monthly payments

This option must be selected on the initial advance and continue to be paid in order to then make any monthly payments on additional borrowing prior to the offer letter being issued.

A reduction to the roll-up interest rate will apply for customers who decide to pay some of the monthly interest amount. Customers who choose to pay 25.01% or more of the monthly interest amount can benefit from a reduction ranging between 0.2% to 1.0% to the roll-up interest rate, depending on the Just For You Lifetime Mortgage chosen.

Payment amount

£25 to 100% of the monthly interest amount.

Payment date

First or fifteenth of each month fixed at outset.

Payment holidays
  • Customers can request one payment holiday of up to three consecutive months in each 12 month period after completion providing they give us one months’ notice.
  • The monthly interest not paid during the payment holiday will be added to the loan and roll up on a compound basis.

Stopping payments
  • Customers can stop making monthly payments at any time.
  • Once they have stopped making monthly payments they are not able to restart.
  • Once payments have stopped the customers lifetime mortgage will switch to a full roll up of interest basis for the remainder of the term and the interest rate applicable to the loan will increase.

Partial repayments

Customers making monthly interest payments are unable to make Early Repayment Charges (ERC) free partial overpayments.

Please see our Lending Criteria Guide for property and lending criteria applicable to our lifetime mortgage.

Cash facility option

This option must be selected prior to the offer letter being issued.

Cash facility

Up to the maximum LTV less the initial advance (subject to an unused cash facility of £200,000).

Minimum drawdown

£2,000

Minimum further advance

£5,000

Medically underwritten option

This option must be selected at outset and health conditions and lifestyle factors must be provided before the offer letter is issued.

Depending upon the underlying customer need, customers who qualify for this option may be able to borrow a higher initial advance or achieve their borrowing requirements at a lower rate of interest than an ‘equivalent’ healthy customer.

Green Mortgage Discount Feature

Available across the entire Just For You Lifetime Mortgage range, this feature reduces the standard interest rate for those whose property has a valid Energy Performance Certificate (EPC) rating of A, B or C.

For more information on the Green Mortgage Discount Feature, please visit justadviser.com/green-mortgage-discount-feature.

Product details

Early Repayment Charges (ERC)
  • For joint borrowers, no ERC is payable if the lifetime mortgage is repaid within three years of the first customers death or move into permanent long term care.
  • Please see our Early Repayment Guide.

Repayment of our lifetime mortgage

The lifetime mortgage must be repaid within 12 months from when the last borrower has died, or permanently moved into long term care.

ERC free partial repayments (applies only to those who are not making monthly interest payments)

This option is only valid if customers are not making monthly payments.

  • Up to 10% of each advance in each 12 month period following completion of the advance.
  • No more than a total of 6 payments in each 12 month period.
  • Minimum £500 per payment.
  • Minimum overall balance of £10,000.

Moving home

Our lifetime mortgage can be transferred to a new property, providing the new property is the customer's main residence and meets our lending criteria at the time.

No Negative Equity Guarantee

This means that when the property is sold after the last borrower dies or has moved into permanent long term care, the customers or their beneficiaries will not have to repay more than the sale proceeds even if they are less than the amount owed. Subject to Terms & Conditions being met.

Please see A Guide to your Cash Facility for more information.

How much can customers borrow? 

Loan to value for single life (SL) and joint life (JL) cases

Youngest customer age

J1

J2

J2.5

J3

J4

J6

SL & JL

SL & JL

SL & JL

SL & JL

SL & JL

SL & JL

55

2.00%

5.30%

7.00%

14.00%

21.50%

23.00%

56

3.00%

6.30%

8.00%

15.00%

22.50%

24.00%

57

4.00%

7.30%

9.00%

16.00%

23.50%

25.00%

58

5.00%

8.30%

10.00%

17.00%

24.50%

26.00%

59

6.50%

9.40%

11.00%

18.00%

25.50%

27.00%

60

8.00%

11.20%

13.70%

20.70%

28.20%

29.70%

61

9.00%

12.80%

15.30%

22.30%

29.80%

31.30%

62

10.00%

13.80%

16.20%

23.20%

30.70%

32.20%

63

11.00%

14.80%

17.20%

24.20%

31.70%

33.20%

64

12.00%

15.90%

18.20%

25.20%

32.70%

34.20%

65

13.50%

17.00%

19.20%

26.20%

33.70%

35.20%

66

15.00%

18.00%

20.20%

27.20%

34.70%

36.20%

67

16.00%

19.00%

20.70%

27.70%

35.20%

36.70%

68

17.00%

20.00%

21.70%

28.70%

36.20%

37.70%

69

18.50%

21.00%

22.70%

29.70%

37.20%

38.70%

70

20.00%

22.00%

24.00%

31.00%

38.50%

40.00%

71

21.00%

23.00%

25.20%

32.20%

39.70%

41.20%

72

22.00%

24.00%

26.40%

33.40%

40.90%

42.40%

73

22.50%

25.10%

27.60%

34.60%

42.10%

43.60%

74

23.00%

26.10%

28.70%

35.70%

43.20%

44.70%

75

24.00%

27.20%

30.00%

37.00%

44.50%

46.00%

76

25.00%

28.20%

31.00%

38.00%

45.50%

47.00%

77

26.00%

29.30%

32.10%

39.10%

46.60%

48.10%

78

27.00%

30.20%

33.00%

40.00%

47.50%

49.00%

79

28.00%

31.20%

33.60%

40.60%

48.10%

49.60%

80

29.00%

32.00%

34.50%

41.50%

49.00%

50.50%

81

29.00%

32.00%

34.50%

41.50%

49.00%

50.50%

82

29.00%

32.00%

34.50%

41.50%

49.00%

50.50%

83

29.00%

32.00%

34.50%

41.50%

49.00%

50.50%

84

29.00%

32.00%

34.50%

41.50%

49.00%

50.50%

85

29.00%

32.00%

34.50%

41.50%

49.00%

50.50%

Last updated on 12 April 2024