This type of lifetime mortgage scheme is designed to give you an initial lump sum payment at the start and you do not have to make any payments during the lifetime of the mortgage.  The interest rate is fixed for the lifetime of the mortgage scheme and the interest rolls up during the lifetime of the loan.

These details are based on an example of a 70 year old male releasing £50,000 from a property value of £250,000. The plan is available subject to provider criteria. This is a lifetime mortgage. To understand the features and risks, ask for a personalised illustration.