How Much Can I Borrow?

The amount you are able to borrow depends on your age at the time you take out your loan. The amount you can borrow begins at 15% of your property value at age 60, increasing by 1% for each year of age up to 70 and then by 1.25% for each year. The maximum loan available under the Home Equity Release will now be unlimited. If you are a couple and one is aged over 60 and the other aged over 55, the amount you can borrow begins at 10% of your property value at age 55 increasing by 1% a year for each year to age 60.

You can choose to take out an ASF Lifetime Loan as a lump sum, regular payments or a combination of the two. A Cash Reserve facility is also available; this could give you additional funds over a five year period after settlement. The Reserve amount is based on the difference between your maximum loan entitlement and the amount initially borrowed.
Once you have taken out an ASF Lifetime Loan, you may be eligible to apply for further borrowings in the future. Remember as you get older, you will qualify for a higher percentage of the value of your home - which may have increased in value. The ASF Equity Protection Option enables you to protect either 10% or 20% of the net proceeds from the sale of your home. Which means that at all times the percentage protected is yours irrespective of your loan balance.

The Equity Protection Option can be selected at any time, provided there is sufficient equity in you home for you to protect the percentage required. Your ASF Lifetime Loan gives you the flexibility to move – you can continue with your loan provided your new home matches our loan criteria.