Since taking out your Lifetime mortgage, your circumstances may have changed and you may be in a position to repay some of your outstanding balance. Making a capital repayment will reduce the amount of your Lifetime mortgage, so any future interest charges will be calculated on a lower overall balance. This could significantly reduce the amount of interest that 'rolls up' over the life of your Lifetime mortgage meaning you could leave a greater amount as an inheritance.
No Early Repayment Charges (ERCs)
Depending on the Terms and Conditions of your mortgage, you may be liable to pay an Early Repayment Charge (ERC) if you make a repayment. However, until further notice we are currently not charging ERCs, so you won't have to pay this fee at present, even if it would usually have applied.
To make a repayment or to find out more, please contact us.