Yes, you can pay off your lifetime mortgage at any time. To find out how much you owe and how to make the payment, you will need a redemption statement. You can request one by:
Can I change the bank details that my income payments are paid to?
Yes, you can. You’ll need to write to us to give us the new bank details that you want us to send the payments to. Your letter must be signed by all people named on the mortgage. If you’re unable to provide your signature, please call us on 0330 159 7152 so we can look at …
Can I make payments to reduce the balance of my lifetime mortgage?
Yes, you can. You can pay by debit card over the phone or using our self-serve facility, by bank transfer or cheque. If you send us a cheque, please remember to write your account number on the back.
How do I know when the term of my lifetime mortgage will end?
Your lifetime mortgage doesn’t have a specific end date. You only need to pay back the loan when the last borrower named on the mortgage moves into long-term care or passes away.
How does my lifetime mortgage work?
Your lifetime mortgage is a type of equity release that allowed you to borrow money against the value of your home. You either borrowed a lump sum or opted to receive a monthly income (or both). You don’t need to make any monthly payments and don’t have to pay back the outstanding balance until the …
Downsizing to a lower value property
You could move to a lower value property with a smaller mortgage by transferring your existing mortgage with us (known as ‘porting’) or by taking out a new mortgage with a different lender. To find out if you can port your mortgage, you’ll need to check your latest mortgage offer. You’ll need to speak to …