What if I want to move home?
If you move home you can transfer your lifetime mortgage to a new property, if that property is acceptable to us and meets our lending requirements at the time.
You will need to ensure there is sufficient value left after the sale of your home to purchase your new property. You should include all the costs and taxes payable for the move.
If you are able to move we may also ask you to repay part of your lifetime mortgage, for example if you are moving to a lower value property. The amount we lend you will depend on our lending requirements at the time and will be based on the value of your new property. If you have Inheritance Protection and have to repay part of your lifetime mortgage, you may choose to reduce or remove the Protected Percentage instead.
In this case you would not have to pay an Early Repayment Charge on any amounts we require you to repay. Our lifetime mortgages also include Downsizing Protection. If your new property does not meet our lending requirements, you will need to repay the loan in full. If this happens, Downsizing Protection means that you won’t need to pay an Early Repayment Charge, as long as you’ve had the loan for five years or more.
An Early Repayment Charge is not payable if any of the following apply:
- If you repay after you (or if joint borrowers, the youngest of you) reach the age shown in your Offer of Loan.
- If the Index at the time you repay is higher than or equal to the Benchmark Rate shown in your lifetime mortgage Offer of Loan.
- On any Optional Partial Repayments you make within the permitted limits.
- If you move home and transfer your lifetime mortgage to a new property that is acceptable to us, and as a result of which you repay a part of the lifetime mortgage as required by us.
- If you repay after you (or if joint borrowers, the last surviving of you) dies or goes into long term care.
- If joint borrowers and the last surviving of you repays in the first three years after the first of you dies or moves into long term care.