A deferred payment agreement allows you to use the value of your home to pay for care in a residential or nursing care home or extra care housing.
The arrangement may help you if you:
- have capital and savings under £23,250, and you own a property, but you cannot afford to pay the full weekly care charge and
- you are either waiting to sell your home or do not want to sell your home, and most of your capital is tied up in your home
We usually consider applications for a deferred payment agreement if you have:
- recently moved into a residential or nursing care home, or you are planning to do so
- funded living in a care home so far, but your savings have fallen below £23,250, and you still own a property
We can also consider a short-term arrangement. For example, if your property is up for sale but you have not yet found a buyer, or you're waiting for the sale to complete.
The Moneyhelper Service provides more information about deferred payment agreements.
Before you apply
We recommend that you speak to an independent financial adviser who specialises in long-term care costs planning. You can find advice from Moneyhelper on choosing a financial adviser.
If you wish to check that the care home you are living in or are moving to is suitable to meet your needs please Contact Customer First.
You must register your property with the Land Registry if you have not done so already.
You must have the mental capacity to understand and enter into the agreement. Otherwise, have a legally appointed person who can do this on your behalf, such as a power of attorney or Deputy.