Repaying your lifetime mortgage in full
Are you considering repaying your lifetime mortgage?
Your lifetime mortgage must be repaid in full when you (or, if borrowing jointly, both of you) die or move out of your home into long-term care. We understand that your circumstances can change and you may choose to repay your lifetime mortgage early. Full repayments are called a redemption. You can find more information on this page or in our Redemption leaflet. You can use our online enquiry form to request a redemption statement to understand how much you would need to repay and the implications of this.
If you choose to repay your lifetime mortgage early, you may want to go back to your financial adviser for guidance. You should think carefully before you decide to repay any of your lifetime mortgage as there could be an Early Repayment Charge. It’s important to understand when an Early Repayment Charge applies and how much it will be.
If you’re making a partial repayment, please visit our partial repayment page and if you’re repaying in full, read the information below.
Depending on your circumstances there are other options you may want to consider before repaying your lifetime mortgage in full.
Moving home
If you're moving home, you may be able to take your lifetime mortgage with you. This is known as porting. You must contact us if you are considering moving home. We’ll explain the process and will need to check that your new home is eligible for a lifetime mortgage. You can call us or make an online enquiry.
Borrowing more money
If you’re considering ways to borrow more money you may be able to use your Drawdown Facility. If you have one it will be shown on your Offer of Loan or Annual Statement. Or, if you’ve had your lifetime mortgage for over 12 months you may be eligible for a Further Advance.
If you’d like to enquire about making a full repayment, complete the online enquiry form and we’ll send you a redemption statement. You will need the following information:
If you’re looking to repay a lifetime mortgage in full today, please call us on 03330 048 444. You will need this information and to have completed step two on the next tab.
If you are considering repaying your lifetime mortgage in full, complete the online request form. This should take about 5 minutes.
When you’ve submitted the request, we’ll review the information you’ve provided. This may take up to two working days. If we need further details, we’ll call you back to discuss your request. When we have everything we need, we’ll calculate the amount you need to repay. This amount is only valid on the day we produce and send your redemption statement.
Before you can make a repayment we need to know where the money you are using to make the repayment is coming from. We’ll ask you for documents like bank or pension statements, or letters confirming your inheritance or divorce settlement. Once we’ve accepted the evidence, you’ll be able to make the repayment.
If you want to make the repayment, the redemption statement will have instructions on what to do next. Remember, the redemption statement is only valid for the day that it's produced. You'll need to call us for a new redemption statement on the day that you intend to repay.
When we receive your payment, we’ll credit your account, release the charge on your property and send you a completion statement.
An Early Repayment Charge is a payment you may need to make to us for repaying all of your lifetime mortgage early. It's calculated to recover our costs in setting up the lifetime mortgage, re-investing the money and changes in long-term interest rates.
You’ll never have to pay an Early Repayment Charge of more than the amount shown in your Offer of Loan documents. There is also Closing Administration Fee when the lifetime mortgage is repaid in full.
In the following circumstances you will not pay an Early Repayment Charge:
When you are choosing to make a repayment
When you are moving home
In cases of bereavement or a move into long term care
Request to repay your lifetime mortgage
If you’d like to request a redemption statement all you need to do is complete the online form.
If you're looking to repay a lifetime mortgage in full today please call us on 03330 048444 to speak to our customer services team. Monday to Friday, 8.30am to 5.30pm. We may record and monitor calls.
Common questions about repaying your mortgage
We need to be sure that the money we're receiving is from a legitimate source. We’ll need you to complete a donor form and share photo ID of the person who’s gifting the funds before you make the payment.
Contact our customer service team, who'll be able to help you with your request on 03330 048 444, Monday to Friday 8.30am to 5.30pm. We may record and monitor calls.
Yes, if we have your attorney registered with us, they can complete the online enquiry form. If we don’t have your attorney registered with us, please call 03330 048 444. Monday to Friday, 8.30am to 5.30pm. We may record and monitor calls. Visit Power of Attorney and lifetime mortgages for further information.