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Lump Sum Interest Roll-up options

With these products you don't need to make any payments through the life of the mortgage. Instead, the interest and any charges, are added to the loan each month.

The minimum amount that you can borrow is £10,000, however the maximum amount will depend on your age, house value and whether you're borrowing as a single or joint applicant. You may also be able to select to borrow a greater amount, however this may impact the interest rate that you will be charged.

Finally, the mortgage will normally be repaid when your home is sold, usually following your death or when you move into long-term care (or in the case of joint borrowers, when the surviving partner dies or moves into long-term care). The amount that will be repaid will consist of the original loan amount, plus any accrued interest or charges. Any remaining equity in your property will belong to you or your estate.

Current interest rates

Monthly Interest Rate (MER) 5.18% 5.37%
Annual Interest Rate (AER) 5.30% 5.50%

Monthly Interest Rate (MER) 3.50% 3.70%
Annual Interest Rate (AER) 3.56% 3.76%

Before you proceed...

Before you proceed, it’s important that you discuss this with your family and consider all of the options that you have.

A lifetime mortgage is a long-term commitment. There may be other suitable alternatives such as moving home, applying for a government grant or other state benefits, or more short-term loan arrangements.

You must also ensure that you are happy with how the lifetime mortgage works and the terms and conditions associated with it. You need to understand how it may impact your rights to state benefits. Finally, it will also impact any inheritance that you leave to your beneficiaries.

You need to discuss your situation with a suitably qualified financial adviser as they’ll be able to listen to your needs and research your options amongst a wide range of mortgage providers. It may be that a OneFamily Lifetime Mortgage isn’t right for you. Only your financial adviser will be able to tell you this.



Step 1

Having researched the market, your financial adviser will recommend the most appropriate solution and will summarise all the important details that you need to know, including the costs that are involved.


Step 2

If you’re happy to proceed you’ll then need to complete an application. Your financial adviser will help with this. At this point you’ll also need to pay for the valuation fee.


Step 3

You’ll also need to appoint your own solicitor. They will be responsible for making sure that you understand fully the implications of taking out a lifetime mortgage. If you don’t have a solicitor then you can contact the National Solicitors’ Network whose members can provide you with independent legal advice on Lifetime Mortgages. The Network can be contacted on 0845 389 0380 or you can text your postcode to 07797 882955 to receive information about solicitors who are local to you on their panel. Alternatively you can choose to use the services of a member of the Equity Release Solicitors' Alliance (ERSA). Whichever solicitor you appoint, they'll ensure that you understand the terms and conditions of the mortgage and will provide impartial advice.


Step 4

Once we receive the application and the valuation fee, we’ll appoint an independent valuer who will contact you to arrange a convenient time to visit your home and conduct the valuation.


Step 5

Once we’ve carried out the valuation on your property, and considered your application, assuming everything is acceptable we’ll then send you an Offer Letter. This will confirm the amount that we will lend to you, and if applicable, the amount of interest that you have agreed to pay each month. We’ll also send a copy of the Offer Letter to your solicitor and financial adviser.


Step 6

Once your solicitor receives the information from us, they’ll contact you to discuss the Offer. Our solicitors will also carry out the necessary checks on your property and will liaise with your solicitor for the required information.


Step 7

Once all the legal checks have been made, your solicitor will ask you to sign a Mortgage Deed and a Certificate, confirming that you’re happy that you understand the features of the mortgage and any implications.


Step 8

Finally, once all this has been completed, we’ll release the funds to your solicitor who will arrange for the funds to be released to you. After that we'll send you a Welcome Letter to confirm the first payment day and first payment amount.

Voluntary Payment

Our Lump Sum Voluntary Payment product allows you to repay 10% of the initial loan amount each year, without incurring an early repayment charge.

Interest Payment

Our Lump Sum Interest Payment product is specifically designed to allow you to repay some or all of the interest each month, for a period of your choice.

Get advice

Because we do not provide advice on lifetime mortgages, you will need to discuss your situation with a suitably qualified financial adviser. They will be able to listen to your needs and research your options amongst a wide range of mortgage providers. It may be that OneFamily lifetime mortgages isn't right for you. Only your financial adviser will be able to tell you this.

If you do not have a financial adviser, then the following links will provide some options:

unbiased.co.uk thepfs.org