How a deferred payment agreement works
A deferred payment agreement is a type of loan that property owners can use to pay for their care or nursing home.
You are not given a lump sum upfront, instead we pay the part of your residential care bills that you can not afford and charge you interest on that amount.
You’ll use your house as security and we’ll make a legal charge against it - this guarantees we’ll be repaid any money due to us when you sell your property.
You do not have to sell it in your lifetime, you can choose for it to be sold after you have died. You can also repay us from another source if you want to.
Before securing any loans against your home, it is important to think carefully and get financial advice.
Please note: you will still be responsible for paying the weekly contribution that you have been assessed as being able to pay from your income and other savings.