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To help you make an informed decision on your client’s eligibility, we’ve outlined our Lifetime Mortgage Lump Sum Lifestyle suitability criteria, at a glance:
Early repayment charges
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.
When charges don't apply
Early repayment charges do not apply if:- The borrower moves house and transfers their mortgage to the new property.
- The last surviving borrower moves permanently into long term care.
- The last surviving borrower dies.
- A borrower (on a joint mortgage) passes away or moves into long term care and a repayment is made within four years of the date of death or move.
- The borrower fully repays after 5 years and moves to a property they wished to transfer their lifetime mortgage to that did not meet our lending criteria.
- The total debt is reduced or fully repaid using the money from an insurance company following damage to the property.
- The borrower chooses to make repayments totalling up to 11% of the original advance each year.
Please note terms and conditions apply. For more information see our Lump Sum Lifestyle terms and conditions.
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