Additional Information 

How is my lifetime mortgage paid off?

Unlike a standard mortgage, there is no set repayment term and there are no monthly repayments to be made (unless you have taken out an interest only mortgage).

Instead, the loan will be repaid when your home is sold usually following your death, or your move into long-term care (or in the case of joint borrowers, when the surviving borrower dies or moves into long-term care). When repayment is due, the full amount must be repaid.

What happens to my home when I die or move into long-term care or sheltered accommodation?

When you die (or in the case of joint borrowers, on the death of the survivor), your executors must get in touch with us. They will be responsible for selling your property and will have 12 months to repay the loan. If you (or the surviving borrower in the case of a joint loan) move into long-term care you will also have 12 months to repay the loan. Interest will continue to be charged until the loan is repaid.

What will happen to my state benefits if I take out this lifetime mortgage?

If you are receiving state benefits you must consider the implications of taking out a lifetime mortgage. A lifetime mortgage may reduce or even cancel your entitlement to some means tested state benefits. If you are not claiming any state benefits, you may be entitled to claim. Either way your financial adviser should be able to help. Alternatively you can contact the Citizens Advice Bureau, HM Revenue & Customs, the Pension Service or the Benefits Agency for further information.

Is there anything that I'm expected to do after I've taken out the lifetime mortgage?

Yes, you will have to make sure that your home continues to have adequate buildings insurance and is fully maintained. Other than that, you will receive an annual statement from us that lets you know how the lifetime mortgage is developing.

What happens if I move home?

You can transfer your lifetime mortgage with the same Terms and Conditions to your new home as long as your circumstances and your new property meet our lending criteria at the time. If you move to a property of lower value, it may mean that we cannot lend you the same amount that you currently owe. In these cases you may have to repay part of the loan or it may reduce or cancel any Cash Release payments that you are due to receive. It may also affect your Cash Reserve facility. Full details are provided in your Key Facts Illustration.

What happens if my circumstances change, for example if I get married?

You must advise us if your circumstances change, as they may impact the contract that you have with us.

How do I apply for additional borrowing?

If you have a Cash Reserve Facility you can apply directly to the Stonehaven Processing team at any time. Please send your request to:

Stonehaven
Pioneer House
Ulster Science & Technology Park, Branch Road, Londonderry BT48 OSP

We will then establish the current Cash Reserve available and write to you to confirm the impact of any additional borrowing you wish to take. You can then decide whether to take up the borrowing at that time.

If you do not have a Cash Reserve Facility with your Lifetime Mortgage you may still qualify for additional borrowing if sufficient equity exists in your property. If you believe this may be the case, you will need to obtain financial advice and the financial adviser who helped with your original Lifetime Mortgage will usually be able to help. Alternatively, any suitably qualified financial adviser should be able to lead you through the process.

This is a lifetime mortgage. To understand the features and risks, ask for a personalised illustration from your financial adviser.