Moving home

If you are moving home, you may want to transfer your existing Lifetime mortgage to your new property. Whilst this is possible in some situations, since our nationalisation, you will not be able to do this if you need to increase the size of your mortgage. If you need to borrow more, you will have to move your Lifetime mortgage to a new provider who may be able to offer you a better deal.

If you want to move home and your Lifetime mortgage balance (including the rolled up interest) is higher than the maximum we will allow for the value of your new property, then you will need to repay some of your original loan.

To find out what options are available if you are moving home, please contact us so that we can discuss your individual circumstances.

No Early Repayment Charges (ERCs)

If you need to move your Lifetime mortgage to another lender to borrow more money, we will not charge any ERC if this would have applied to you. Please contact us for more details or check the Terms and Conditions of your mortgage.

Finding a suitable mortgage with another lender

We recommend you speak to an independent Lifetime mortgage adviser to find a mortgage that meets your needs. If you don't have your own adviser or broker, we can refer you to HUB Financial Solutions, one of the country's leading retirement brokers. They have specialist advisers who would be happy to help you find the right remortgage deal. As an added incentive, they have agreed to waive their usual advice fees for customers that we refer directly. Contact us if you wish us to refer you.

Other ways to search the market

If you would prefer to find your own broker, you can visit the independent Unbiased website, which includes a section about equity release and home reversion. Please be aware that many brokers charge an advice fee for their services.

Moving into long term care

If you are moving into long term care, then you will need to redeem your Lifetime mortgage.