Second Home Options

Our Second Home Options provide you with a one-off cash payment which is tax-free. Unlike most lifetime mortgages, our Second Home Options are secured against a Seond Home property in the UK.

The equity you release from your property is yours to do whatever you like with, and our range of products means you can choose whether you wish to make any repayments:

Second Home Lifestyle

If you choose to take out our Second Home Lifestyle Option, you won't make any interest payments. Instead, the interest rolls-up and is added to the mortgage each month.

Second Home Interest Select

Unlike traditional roll-up lifetime mortgages, our Second Home Interest Select lifetime mortgages allow you to pay some, or all, of the interest charged each month, for a period of your choice. This allows you to reduce the size of the rolled-up loan significantly.

If your financial circumstances change, you can choose to stop making the interest payments at any time. Your financial adviser will be able to talk you through the implications of this.

Second Home Voluntary Select

Our Second Home Voluntary Select Options allow you to pay back up to 10% of the initial loan amount each year, without being charged an early repayment charge. This means that you can choose how much interest to pay, and you can choose to pay back some capital each year too.

RA_Still_01-WEB

The interest rates on our Second Home Options are currently:

Product Monthly interest rate (MER) Annual interest rate (AER)
Second Home Lifestyle 6.07% 6.24%
Second Home Interest Select 6.26% 6.44%
Second Home Voluntary Select 6.45% 6.64%

You can download our Guide to Equity Release, which gives an overview of what a lifetime mortgage is and how it could meet your needs. Our Guide to our Second Home and Buy to Let Products explains our products and their features in more detail.

To see how you can use both your property and your pension to get the most out of your retirement, you can also download a copy of our Home Truths report.