Local Life - Wigan - March 2019

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Monthly Income
Lifetime Mortgages
Have Arrived
What is it?
An Income Lifetime Mortgage allows you to release
the money tied up in your property to provide
you with a regular monthly income. It provides an
alternative to lump sum and drawdown products
for people who require the discipline of a regular
income.
The product allows you to take an initial loan
amount, followed by a monthly income over a fixed
income term of 10, 15, 20 or 25 years.
The interest rate will be fixed and agreed at the
outset for the life of the mortgage. This means it
won’t change if rates go up or down during that
period.
If your circumstances change, you can choose
to stop taking the income at any time, but once
stopped, the regular monthly income cannot be
restarted. Once the fixed income term comes to
an end the monthly income will stop and interest
will continue to roll up until the lifetime mortgage
is repaid.
Who is it for?
Income Lifetime Mortgages are designed for
people who:
• Have a need for a fixed monthly income.
• Require the discipline of having this paid to them
automatically each month.
• Require the certainty of a regular monthly
income in line with their lifelong routine.
It is not suitable for people who:
• Have savings or investments that can use instead.
• Require a guaranteed income for life.
• Require a lump sum greater than 10% of the total
facility available to them.
• Have enough long-term income.
• Claim benefits that may be affected by taking a
lifetime mortgage.
The minimum monthly income is £200 and
minimum initial loan amount is £2,500.
Your property must be worth over £100,000 or
£150,000 for ex-local authority properties.
Interest rates currently start at 4.24%.
Please contact David Griffin on 01942 597182 for further details.