Northern Rock loans, mortgages, savings & insurance

Standard Lifetime Mortgage

Key Product Features

This product provides a one off CASH LUMP SUM only. The interest rate applied will vary depending upon the amount of equity your clients wish to release. The amount of equity your clients can release as a lump sum is based upon their age and property value. Please refer to the tables below, which illustrate how you can calculate the maximum lump sum available and the interest rate that will apply.

Additional Product Features

Minimum property value of £40,000
Minimum loan of £5,000
No monthly loan payments. Loan, accrued interest and charges are repaid from proceeds of property sale
For loans of £5,000 to £25,000 no early repayment charge under any circumstances
For loans of £25,001 and above no Early Repayment Charge if redemption is a result of the property being sold or on death of the surviving borrower, or a move into long term care. Otherwise the relevant early repayment charge as outlined below will apply.
No Risk Charge is payable
'No Negative Equity Guarantee'
Product is fully portable
Sheltered Accommodation will be considered. Please see Product Literature
S.H.I.P. Member

Lifetime Mortgages

LUMP SUM LIFETIME MORTGAGES Lump Sum Only
Product	Rate	Early Repayment Charge	Product Fee
Lump Sum Fixed Rate Lifetime Mortgage Lump Sum Only	6.79%	5% within years 1-5 4% within years 6-10 3% within years 11-15 2% within years 16-20 from completion	£595

Lump Sum Cash Release Amounts Relating to Lump Sum Only products
Age of youngest applicant	Maximum % Release	Age of youngest applicant	Maximum % Release	Age of youngest applicant	Maximum % Release
60	20%	70	30%	80	40%
61	21%	71	31%	81	41%
62	22%	72	32%	82	42%
63	23%	73	33%	83	43%
64	24%	74	34%	84	44%
65	25%	75	35%	85	45%
66	26%	76	36%	86	46%
67	27%	77	37%	87	47%
68	28%	78	38%	88	48%
69	29%	79	39%	89	49%
				90+	50%

Please note, for Monthly Cash Release amounts or a combination of both, please click here to see table

We will consider Sheltered Accomodation, subject to criteria, please ask for details.
For Sheltered Accomodation, the above Lump Sum Release amounts will be reduced by 5%, no restrictions apply for Cash Plus products.