FAQs

Lifetime mortgages are suitable for individuals or couple who own their own home which is their main residential property. To qualify for a lifetime mortgage, you need to be aged 55 or over. If you are taking out the plan with your partner, then the age of the youngest borrower must be at least 55. For a home reversion plans you must be a minimum of 60 years old. A valuation will form part of the application process to establish if the property is suitable as security.

Your Home (or property) may be repossessed if you do not keep up repayments on your mortgage or any other debts secured on it.

Equity Release/Lifetime Mortgages: This is a lifetime mortgage. To understand the features and risks, please ask for a personalised illustration. Check that this mortgage will meet your needs if you want to move or sell your home or you want your family to inherit it. If you are in any doubt, seek independent advice.

Debt Consolidation: Think Carefully about securing other debts against your home. Your Home or property may be repossessed if you do not keep up repayments on your mortgage or any other debts secured on it.

Find all the answers about Protection below

Life Assurance is an insurance policy that helps to protect your loved ones financially in the event of your death. You choose the amount of cover you need and the length of time you want to be insured for.

It could be used to repay the mortgage or help protect the family’s lifestyle and everyday living expenses. Life Assurance is also known as life insurance, mortgage protection or level term assurance.

It depends on your individual circumstances. You may want to think about leaving a lump sum to your dependents, inherence tax and estate planning or help to clear an outstanding mortgage on your death.

A decreasing term policy provides a level of cover that decreases throughout the term of the policy, broadly in line with a repayment loan or mortgage. This is usually cost-effective way to achieve the required level of cover.

Terminal Illness - is usually included in Life Assurance policies at no extra costs. It could pay out your chosen amount of cover if you are diagnosed with a terminal illness and have a life expectancy of 12 months or less, rather than on death.

Critical illness Cover – is an additional policy. It is designed to pay out your chosen amount of cover if you’re diagnosed with one of the providers specified critical illnesses (for example heart attack, stroke etc) during the length of your policy.

Life insurance is optional, however there are many reasons to have it in place. For example, if you have a partner or family who may struggle to cope financially then life insurance could offer them the help they need at a very difficult time.

Your premium will vary depending on the type of policy, the size of the sum assured and the risk of the claim – if you have a dangerous job, for example.

Also, age is factor, so life insurance will be more expensive for an older person. Similarly, if a customer is in poor health they can expect to pay a higher premium.

The insurer will consider occupation, hobbies, lifestyle – such as weight and fitness – to help determine their premiums.

Find all the answers about Will Writing below

A Will is a document created to give directions for the distribution of the assets you own on death. Your properties, assets and belonging (commonly called your Estate) are divided up as per your wishes and passed to whomever you chose, known as Beneficiaries.

The Will also indicates who will manage the distribution of your estate. The chosen person is known as the Executor(s) of your Will. They are also responsible to appoint Guardians to look after minor children when both parents have died.

For the Will to be effective and legally binding it must conform to certain legal conditions (as per the Wills Act 1837) and be signed by the person making the Will in front of two adult independent witnesses present at the same time.

The Financial Conduct Authority does not regulate will writing, inheritance tax planning and estate planning.