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If you’re aged 55 or over, a lifetime mortgage could allow you to unlock some of the equity from your home without having to move. It could last for the rest of your life, usually being paid in full when you die or permanently move out of your home. It is important to fully understand what this mortgage means for you and your loved ones, so you will need to get advice. Once you have the key information, you can determine if this is the right option for you.
Unlocking some of the value from your home could be the key to a more comfortable future. Here are just some of the things you might need the money for:
You can find out if you are eligible to apply using our Scottish Widows Bank Lifetime mortgage checker.
If you qualify, one of our advisers will call you, at a time that suits you, to give you professional equity release advice and will explain the process.
Or you can call us on 0345 122 1607
Our lines are open Monday to Friday 8am - 8pm, Saturday 9am - 4pm. We're closed on Sundays and Bank Holidays.
You may be if:
Its important to understand the types of things you need to consider before releasing equity from your home.
A lifetime mortgage is a big decision. Our Later Life Lending Adviser will have an initial discussion with you to understand your requirements.
If appropriate, your adviser will then arrange a more detailed discussion with you to understand your needs and circumstances and cover other alternative solutions that may be more appropriate.
You'll be encouraged to talk through your decision with your loved ones as it's important to fully understand what your options could mean for you and those around you.
If our Later Life Lending Adviser decides that a lifetime mortgage is right for you, they’ll explain the risks and talk you through the application process and next steps.
This will include:
Yes. With a lifetime mortgage, you'll still own your home and can stay in it for as long as you like, subject to your mortgage's terms and conditions.
The amount you release will be based on your age and property value. To find out how much equity you might be able to release, talk to a Later Life Lending Adviser who will assess your individual needs and circumstances and talk through your options.
Yes. Just as with any mortgage, there are fees associated with a Scottish Widows Bank lifetime mortgage. Your adviser will discuss what fees may be applicable.
Our lifetime mortgage interest rates are based on your individual circumstances, such as your age and property value and how much cash you would like to release. Interest is charged on the total borrowing, which increases the amount you owe. If our Later Life Lending Adviser recommends you take a lifetime mortgage, they will explain how interest is calculated and arrange a personalised illustration, which will show you your interest rate.
Yes. Before taking out a lifetime mortgage you have to obtain independent legal advice. Your Later Life Lending Adviser will advise you when this is required.
A lifetime mortgage application tends to take around eight weeks to complete, from initial application to the first release of funds. Some applications can take more or less time depending on the individual circumstances of your application.
Applicants must be aged between 55-85 applying for a single or joint application (maximum age limit only applies to younger applicant) looking to borrow at least £30,000.
A lifetime mortgage may affect your tax and welfare benefits position, as tax and welfare benefits can change. You should consider seeking further information from HM Revenue and Customs, Benefits Agency or other sources of advice, such as your local Citizens Advice Bureau.
Yes. You have the option to protect a percentage of the equity in your home with a Scottish Widows Bank lifetime mortgage. The amount you can protect will be dependent on your individual needs and circumstances. You will need to get advice to check that a lifetime mortgage will meet your needs if you want your family or others to inherit your home. If you are in doubt, you should seek independent legal and financial advice.
Scottish Widows is proud to be a member of the Equity Release Council and abides by its standards. The Equity Release Council was established 30 years ago and is the industry body for the UK equity release market.
Scottish Widows Bank is a trading name of Lloyds Bank plc. Registered office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales, no. 2065. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under number 119278.