JUST FOR YOU LIFETIME MORTGAGE
Offering flexibility and a variety of options to help you design personalised solutions for each client, a need highlighted by the FCA’s review of equity release sales and advice process.
Solutions as unique as your clients
We've added medical underwriting across our Just For You Lifetime Mortgage, so it's easier for you to deliver solutions unique to every client.
With the medically underwritten Just For You Lifetime Mortgage, six in 10 people could borrow more, or get a better interest rate to reduce their borrowing costs*.
By combining it with a flexible choice of options, you can now design personalised, tailored solutions for every client - as unique as they are.
Learn more here.
*Just Group analysis from proprietary database of circa 2 million years
Manage borrowing effectively
- Reduce costs of borrowing
Medical underwriting and an Energy Performance Discount could help your clients achieve a better interest rate to reduce their costs of borrowing.
Clients with an EPC rating of A, B, or C may qualify for a 0.10% discount on their interest rate, reducing the overall cost of borrowing for the duration of the loan.
- Servicing interest
Clients with surplus income every month could benefit from interest servicing and a potential reduction to the roll-up interest rate.
- Using cashback to manage borrowing
Our cashback can help clients either:
Reduce the overall cost of borrowing – by reducing the loan amount needed (and LTV), clients may be able to lower their overall cost of borrowing.
Increase the loan amount – for those wanting to borrow more, cashback can increase the lending amount, though this may result in a higher interest rate.
Learn more here.
Early repayment charge
Those choosing not to service monthly interest can pay up to 10% of each advance in every 12 month policy period without incurring an ERC.
Read our ERC guide for more information.
Maximising funds available
Clients wanting to access as much money as possible may be interested in our flexible cashback options, paid in addition to the loan to value (LTV).
Alternatively, cashback can be used to reduce the size of loan required.
Learn more here.
Free Energy Performance Certificate (EPC) check and discount
If your client has an EPC rating of A, B or C, they can take advantage of a 0.10% discount off of their standard interest rate for the duration of the loan.
Alternatively, if your client doesn't have an EPC rating or has an EPC rating of D or lower, they can receive a free EPC check.
Learn more about our Energy Performance Discount here.
Comparison of features between interest roll-up and interest serviced
Flexibility and choice for your customers |
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|
Feature |
Interest roll-up |
Interest serviced |
| A tax-free lump sum | Yes - minimum loan £10,000 | Yes - minimum loan £20,000 |
| Drawdown available | Yes | Yes |
| Cash facility option | Yes | Yes |
| No Negative Equity Guarantee | Yes | Yes |
| No affordability checks | Yes | Yes |
| LTV ranges | Yes - see our 'At a glance' guide for current LTVs. | Yes - see our 'At a glance' guide for current LTVs. |
| Option to make partial repayments |
Yes | Yes - however an ERC may be applicable. The ERC free feature for partial repayments doesn't apply. |
| Pay some or all of the interest by monthly direct debit | No | Yes |
| Compound interest | Yes - the impact of this will be reduced by making partial repayments. | Yes - the impact of this could be reduced by paying some or all of the monthly interest. |
| Payment holidays | N/A | Yes - one request up to three consecutive months in each policy year. |
| Stop making interest payments at any time |
N/A | Yes, if this happens the loan switches to an interest roll-up basis. |
| Minimum age at application (youngest borrower) | 55 | 55 |
| Maximum age at application |
85 | 85 |
| Minimum property value |
£70,000 - see our Lending Criteria Guide | £70,000 - see our Lending Criteria Guide |
| Maximum loan/facility | English, Wales and Scotland: £1,000,000 (J1 - J3), £800,000 (J4 and J6) Northern Ireland: £500,000 (J1 - J4) |
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