LIFETIME MORTGAGE

Lifetime Mortgages

If you have a Lifetime Mortgage with us maybe you're...

Moving home?

Staying put and need to borrow more?

Thinking about insurance or inheritance tax planning?

Frequently asked questions about our Lifetime Mortgage

When does my Lifetime Mortgage have to be repaid?

We would require your Lifetime Mortgage to be repaid within 6 or 12 months, in the event of moving home, death of the borrower or if the borrower has to go into long term care.

What happens to my home if I have to go into long term care, sheltered accommodation or to live permanently with relatives?

In the first instance please notify us as soon as possible by emailing us at mortgage.service@ncbs.co.uk or calling us on 03330 140146. Typically, in the event of any of these scenarios, we would require your Lifetime Mortgage to be repaid within 6 or 12 months.

Do I have to continue to insure my home if I'm no longer living there?

Yes, your property/home must remain insured throughout the period of the Lifetime Mortgage even if you are no longer living there.

How frequently will you need to visit/inspect my home?

There is no specific frequency of which we will need to visit or inspect your home, however our terms and conditions allow for property inspections when deemed necessary at our request on a periodic basis.

What happens if the value of my home is less than the mortgage outstanding when I die?

The Lifetime Mortgage benefits from the No Negative Equity Guarantee meaning that if the balance of your Lifetime Mortgage exceeds the value of your property when it is sold, the Society will not require you or your estate to make up the difference.

Does the interest continue to be charged on my mortgage after my death but before my house is sold?

Yes, interest will continue to roll up and be added to the outstanding mortgage balance until the mortgage has been redeemed in full.

Why not give us a call and see how we can help?

Our number is 03330 140146 and we'd be delighted to hear from you. For details of our opening hours, please visit our Contact us page.

Or if you'd like us to contact you at a time of your choice please complete the call back request form on our website which can be found here: Contact us - Call me back

Thinking about borrowing more?

Our Lump Sum Lifetime Mortgage is only available to our existing Lifetime Mortgage borrowers who are looking to borrow more. Please note that since April 2014 it is compulsory that you seek advice for any additional borrowing.

THE MORTGAGE WILL BE SECURED ON YOUR HOME.

Remember: A lifetime mortgage will reduce an inheritance. It may affect your entitlement to means-tested benefits. There may be cheaper ways to borrow money.

If you are thinking about borrowing more, here's a reminder of our Lump Sum Lifetime Mortgage:

Product description	The overall cost for comparison is
5.99% fixed rate for lifetime of mortgage	6.3% APR