Lifetime Mortgages
Welcome
There are two types of equity release product: Lifetime Mortgages (often called Equity Release mortgages) and Home Reversion plans. Saffron Building Society only offer Lifetime Mortgages and these are available to borrowers between 55 and 85 years old.
A Lifetime Mortgage is quite simply a mortgage which runs for the rest of your life or until you either go into long-term care or the property is no longer your main residence. You do not make any mortgage payments, instead the amount you borrow, interest and any charges are repaid from the sale of your property meaning at all times you retain full ownership of your home.
We offer two types of Lifetime Mortgage, both of which have a fixed rate of interest.
Lifetime Fix - you simply take a lump sum at the outset of your mortgage.
Lifetime Fix plus Cash Reserve - you agree a total amount to borrow at the outset and then withdraw this as and when you need it (you'll only ever be charged interest on the amount you have withdrawn).
We hope you'll find the information in this website useful, however please feel free to contact us.
