Frequently Asked Questions

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You asked: Can I repay the lifetime mortgage early?

Yes, but you should remember that a lifetime mortgage is a long-term commitment, designed to last until you die or move into long-term care.

Repaying your loan in full before then may mean you have to pay substantial early repayment charges.

For new customers from 28th April 2014, once you've had your lifetime mortgage for one year, you can make voluntary partial payments, with no early repayment charge. The maximum you can pay back each year is 10% of the amount borrowed. You can repay in up to four instalments a year, and the minimum you can pay in each instalment is £500.

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