There can be financial consequences of redeeming the lifetime mortgage early. As the first lender to offer fixed early repayment charges, we’re able to give complete transparency and certainty to your clients of what these charges will be.
We calculate charges on the percentage of loan amount repaid – it doesn’t include any accrued interest. Charges are based on the initial loan date, excluding additional borrowing. For example, if your client takes a withdrawal 4 years after the initial loan, and repays it 6 years after the initial loan, the early repayment charge will be 3% of that withdrawal.
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