There are a few features of the Enhanced Lifetime Mortgage which distinguishes it from other lifetime mortgages except in certain circumstances. You will have to pay for your own legal fees. Click below to find out more:
The Enhanced Lifetime Mortgage has been designed specifically for people living with health problems. If you're over 60 and are suffering from ill health and your life expectancy is likely to be reduced as a result, we can offer a larger lump sum than for someone who is likely to live longer.
When calculating the size of your loan, and because we also consider your health as well as your age and lifestyle, we are often able to offer you a loan that's significantly higher than a lender who doesn't take your health into account.
Where there are two applicants we take both of your details into account so we can often offer higher loans even where one of the applicants is in good health.
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Mr Jones is aged 60 and lives in a house worth £200,000. Based on his age alone he is typically able to borrow up to £40,000 from another lifetime mortgage provider that doesn’t take his health into account. Because he is diabetic, Partnership will lend him up to £50,000.
Source: Average maximum amount available from 15 products on the Exchange on 30 May 2013.
If you want to provide your family with an inheritance, Partnership offers an Inheritance Protection feature. This enables you to protect part of your property’s value to leave to your heirs. If you choose to release less than the maximum available to you then we will guarantee that a percentage of your property’s value will be free of the mortgage – no matter how long you live. Your Financial Adviser will be able to discuss this important feature with you. To the Top
Mr and Mrs Johnson can borrow up to £100,000 from their property. They decide that they only want to release £60,000. As this is 60% of the maximum available they are able to protect 40% of their home’s value as an inheritance. This means that when their property is finally sold at least 40% of its value will be available for their estate.
We don’t charge any fees to set up your lifetime mortgage. There are no valuation fees, application fees or completion fees. This can make a considerable saving compared to other lifetime mortgages. To the Top
This is a lifetime mortgage. To understand the features and risks, ask for a personalised illustration. This can be obtained through a suitably qualified financial adviser.
Financial advisers - to request a quote please call us on 0845 108 7240.
*You will be liable for your own legal fees.