THE JUST FOR YOU LIFETIME MORTGAGE

The Just For You Lifetime Mortgage makes it easy for you to design a solution that's right for your clients' needs and adapts if things change:

  • Take a cash lump sum, or release cash as and when it’s needed from a pre-agreed facility
  • Start with interest serviced and can switch to roll-up if required

Benefits of servicing interest

Clients choosing to pay some or all of the monthly interest can benefit from:

  Reduction to the roll-up interest rates

  • 0.01% if servicing >0.01% of the monthly interest amount
  • 0.10% if servicing >25.01% of the monthly interest amount
  • 0.15% if servicing >50.01% of the monthly interest amount
  • 0.40% if servicing >75.01% of the monthly interest amount

  Payment holidays

  • One request of up to three consecutive months in each policy year (the interest not paid will roll-up)

  Ability to switch to a roll-up option later

  • Your clients will be able to stop monthly payments at any time at which point the loan will convert to a full roll-up basis and the interest rate applicable will increase. If payments are stopped, they cannot be restarted.
  • Once six payments have been missed, the loan will convert to a full roll-up basis and the interest rate applicable will increase.

Comparison of features

The table below compares the interest roll-up and the interest serviced options. 

Flexibility and choice for your customers

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 does not 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 will 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 a roll-up basis
Minimum age at application (youngest borrower) 55 55
Maximum age at
application (youngest borrower)
None 80
Minimum property
value
£70,000 - see our Acceptable Properties Guide £70,000 - see our Acceptable Properties Guide
Maximum loan/facility

England: £600,000
Wales and Scotland: £250,000
Northern Ireland (for J1 only): £250,000