Based in Plymouth, Responsible Lending are an FCA regulated mortgage lender specialising in Lifetime Mortgages for over 55s. The company has an exclusive partnership with the global investment bank Credit Suisse, one of the largest investment banks in the world with assets under management of $1 trillion and over 40,000 employees.
Lump Sum Lifetime Mortgage
The Lump Sum Lifetime Mortgage is designed for those who want to release a one-off lump sum without the option to access more money in the future from a pre-agreed cash facility. Interest rates can be lower than a similar size loan with a cash facility and are fixed for life. There are no required monthly repayments throughout the term of the loan, instead the interest is added to the loan and repaid when the mortgage is redeemed. The minimum age requirement is 55 years old, you must be a homeowner with equity in your property and you must reside in the UK.
Drawdown Lifetime Mortgage
The Drawdown Lifetime Mortgage let you release an initial lump sum now, with the option to take extra amounts in the future. With this mortgage you may borrow a smaller amount at first (subject to a minimum) and borrow extra amounts at a later date from a pre-agreed cash facility. The interest on the loan is fixed for life. There are no required monthly repayments throughout the term of the loan, instead the interest is added to the loan and repaid when the mortgage is redeemed. The minimum age requirement is 55 years old, you must be a homeowner with equity in your property and you must reside in the UK.
Responsible Lending Reviews and Ratings
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Pros
- All plans come with a no-negative equity guarantee
- A dedicated adviser will show you a personalised illustration before you proceed with any product
- A clear, easy to understand website
- Helpful safeguarding information on their website
- Backed by the financial might of Credit Suisse
- Authorised and regulated by the Financial Conduct Authority
Cons
- Only two products available to choose from
- No home reversion plans or extensive equity release products
- No customer reviews
Website: Responsible Lending