About your policy
What costs are involved?
This is payable at the time you submit your application and will cover the cost of an independent valuation on your property.
This covers the administration costs involved with setting up your lifetime mortgage, and includes the legal fees that OneFamily will incur. It's only payable on completion of the mortgage, so if you don't proceed with the mortgage then this won't be charged.
Your solicitor's fee
Your solicitor will charge you a fee for providing you with independent legal advice. You'll be responsible for agreeing these fees.
Your financial adviser's fee
You may be charged a fee by your financial adviser. They will declare this cost when they first meet with you.
It's important to note that there could be additional costs involved, please get in touch for a full quotation.
Choice of fixed or variable interest rate
If you select a fixed interest rate, then it will be fixed for the duration of the mortgage and won't change in line with any market changes. If you select a variable rate, then these will be fixed each year and will be based on the consumer price index (CPI). Each year we'll contact you to inform you how the interest rate will change and if appropriate, the impact of any monthly interest payments that you have chosen to make.
What is downsizing protection?
At some point in the future, you may decide that you want to sell your property and move to a smaller home. If you decide to do this after five years of having the mortgage with us, then you'll be able to repay the mortgage, free of any early repayment charge.
Will I ever owe more than the value of my home?
No. We guarantee that when your property is sold for the best price reasonably obtainable, if the proceeds after solicitor's and estate agents' fees are not enough to pay the amount owed to us, we won't ask you or your beneficiaries to pay the shortfall.
Can I move home in the future?
Whilst we offer the downsizing protection feature, you may decide to move home and keep the mortgage with us. With OneFamily, we guarantee that if you move to a new property that is acceptable to us, then you can move the mortgage and retain the same terms and conditions. If you move to a property that is lower in value, then it may mean that you have to repay part of the mortgage. This is described in more detail in the Key Facts Illustration that you'll receive.
Do I lose ownership of my home?
With any of our Lifetime Mortgages, as long as you abide by the terms and conditions of the mortgage, you will always retain ownership of your property.
Can my home be repossessed?
As long as you abide by the terms and conditions of the mortgage, we will not repossess your property throughout the life of the mortgage.