With a lifetime mortgage, you take out a new loan secured on your property. You do not make repayments, instead interest is rolled-up to be paid when the scheme is ended. You continue to own and live in your home.

After you and your partner have died or moved into long-term care, your house is sold and the amount you borrowed, including rolled-up interest, is paid to the lender. Anything left over, after costs, passes to your, or your partner’s, estate.