We use essential cookies to enable our website to function and non-essential cookies for marketing purposes. You can change your cookie settings here, otherwise we’ll assume you’re OK with the current settings.
|Options||Initial advance||Drawdown year 5||Drawdown year 7||Drawdown year 9||Drawdown year 10||Interest charged (15 years)||Total owed (15 years)|
|Product||Balance at the start of the year||MER¹||Interest added²||Balance at the end of the year³|
Initial release amount of £81,703. Plan subject to a fixed interest rate of 6.74% MER (Monthly Equivalent Rate).
¹ All Key lifetime mortgages have interest rates fixed throughout the life of the plan
² Interest is charged on the balance as at the start of the year, not the original amount
³ The balance at the end of the year including compound interest
⁴ This cycle continues throughout the life of the plan
Back to "What's in this guide?"