What if I want to fully repay my lifetime mortgage?

Our Lifetime Mortgages are designed to last for your lifetime and to be repaid when you (or, if borrowing jointly, both of you) die or move out of your home into long term care. However, we understand your circumstances may change and you may wish to repay your lifetime mortgage early, in which case an Early Repayment Charge may be payable.

Early Repayment Charges

You should think carefully before you decide to repay any of your lifetime mortgage early, as there could be a substantial Early Repayment Charge to pay. It’s important to understand when an Early Repayment Charge may apply and how much it will be.

The Early Repayment Charge is calculated to recover costs that we or our funding providers incur when setting up the lifetime mortgage. The costs include, transaction costs incurred in reinvesting the money, or due to changes in long term interest rates.

Early Repayment Charges only apply until the youngest borrower reaches age 88 or their tenth birthday following the date of the Offer of Loan, whichever occurs later.