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About our lifetime mortgage

A lifetime mortgage may be a good solution for people's personal needs when in or reaching retirement, as they provide security of knowing you can stay in your home and clarity of what you will owe for life, without the pressure of making mandatory repayments. 

 

Many customers aged 55 or over may find that their savings or retirement income is not going to meet their long-term needs and lifestyle goals, this is where a lifetime mortgage can help. 

 

Explore below how a lifetime mortgage can give customers more possibilities when it comes to their later life options. 

The product

When it comes to later life, many customers are looking for flexibility and security to meet their long-term needs and lifestyle goals, as well as one-off expenditures such as gifting to family, or going on holiday.

 

A lifetime mortgage allows customers to borrow against the value of their home while continuing to live in their property and retain full ownership throughout. Payments can be made up to 10% of the initial loan amount annually with no early repayment charge, but this is not mandatory. If no payments are made, interest will continue to roll up with nothing to pay until the end of the loan term.

 

Mortgages are available as either a lump sum or can be drawn down over the life of the loan from a pre-agreed facility. The drawdown feature offers the customer the opportunity to manage how and when they take further borrowing and minimise the amount of interest that they will incur over the life of the loan. Note, any drawdowns will incur the prevailing rate of interest which could be higher or lower than the initial mortgage rate. 

Lending policy

We have a broad lending criteria however unfortunately not all properties are acceptable due to certain features such as their construction or location. However, here are a few areas where non-standard properties may be considered. Other criteria will also apply and upon application the customer's property will be fully assessed.
  • Properties worth £2m or more (England only)
  • Properties with more than 5 acres of land (England only and a minimum property value of £2m)
  • Flats in blocks over 4 storeys (high value areas only)
  • Flats above commercial premises (high value areas where commercial activity does not affect desirability)
  • Properties with estate charges, provided there is a residents owned management company
  • Flat roofs with traditional covering (subject to a maximum of 50%)
  • Properties that are partly used for small business activity (provided no structural changes are required)
Lending policy
  • Properties worth £2m or more (England only)
  • Properties with more than 5 acres of land (England only and a minimum property value of £2m)
  • Flats in blocks over 4 storeys (high value areas only)
  • Flats above commercial premises (high value areas where commercial activity does not affect desirability)
  • Properties with estate charges, provided there is a residents owned management company
  • Flat roofs with traditional covering (subject to a maximum of 50%)
  • Properties that are partly used for small business activity (provided no structural changes are required)

Features

With a Riverton Lifetime Mortgage, our customers:

  • Have a fixed rate for the life of the loan

  • Are able to make optional repayments up to 10% of the initial loan amount each year, without incurring any early repayment charges

  • Always know what they owe

  • Benefit from the “No Negative Equity” Guarantee

Fees and costs

The following instances are where a customer may incur a fee:

  • To port their mortgage to another property

  • To transfer equity to a single borrower

  • When selling part of the land

  • If Riverton is required to conduct an occupancy visit

  • If the customer has unpaid fees associated with the mortgaged property e.g. unpaid ground rent

A Riverton Lifetime Mortgage is intended to be a 'fee free' product with fees that are sometimes charged for other lifetime products not applicable here e.g. arrangement fee, valuation fee, conveyancing fee and standard operational costs. 

 

Explore our tariff of charges below for more details. 

Tariff of charges
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