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Natwest Lifetime Mortgage
Options
Mr_McGoo
Posts: 36 Forumite
I've just had a circular from Natwest, trying to sell me a "Lifetime Mortgage".
This is, of course, simply a loan, at a quoted rate of 7.2% APR, secured on your property.
You can draw down in a variety of ways, ditto repay the interest. It would appear that you cannot repay the principle, just the interest due. This may be the case, or it may be an accidental omission from the letter. I would not be surprised if the Bank's intention is that they will have absolute rights for ever over your property, and that you lose them, but perhaps I'm just cynical.
So it's into the bin.
This is, of course, simply a loan, at a quoted rate of 7.2% APR, secured on your property.
You can draw down in a variety of ways, ditto repay the interest. It would appear that you cannot repay the principle, just the interest due. This may be the case, or it may be an accidental omission from the letter. I would not be surprised if the Bank's intention is that they will have absolute rights for ever over your property, and that you lose them, but perhaps I'm just cynical.
So it's into the bin.
0
Comments
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That is a risk with lifetime mortgages but most people taking one wont care about that.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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