Can I still have a lifetime mortgage if my home needs repairs?
Published 18/03/2016 11.42 AM | Updated 01/11/2017 01.05 AM
Yes, although your valuer's report may suggest that an amount is kept back from the loan until these repairs are completed. If this happens and the recommended amount to be kept back is £5,000 or less, you can still borrow the money. We'll ask you to sign a schedule of works which lists the work you need to have had completed within six months. If the valuer has recommended repairs costing over £5,000, the mortgage will be declined until the work is completed as we can't accept properties with this value of work needed. If you have any concerns speak to your financial adviser.
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