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With most lifetime mortgages, you do not have to make monthly payments. The loan and any interest are usually repaid when your plan ends, such as when your home is sold following the passing or move to long term care of the last remaining applicant. This is different if you have one of our Payment Term, Interest Choice, or Interest Reward lifetime mortgages. These plans have agreed monthly payments as per the terms and conditions within your Offer document.
Even if your lifetime mortgage does not have contractual or mandatory payments, you can choose to make voluntary payments if you wish. These payments are optional and the terms and conditions can be found within your lifetime mortgage Offer document.
Making payments can help reduce your outstanding balance over time. This will mean you pay less interest and could leave more to your loved ones in the future. If you have a more2life lifetime mortgage, you are in control and can choose how much and how often you pay, subject to criteria. Your lifetime mortgage will have a minimum payment amount, for further details please refer to the terms and conditions within your Offer document.
You can make voluntary payments:
A standing order is set up by you with your bank and allows you to make regular payments towards your lifetime mortgage.
To set one up, please complete the form above. We will then email you our banking details that you can provide to your bank.
If you use online banking, you can usually set up the standing order yourself through your bank’s website or app. You will not need to send us any paperwork.
Only certain people can make payments or set up a standing order on behalf of an account holder. This includes someone who:
Before we can accept any payment, we will need to confirm the identity of the person who wishes to make payments on behalf of the account holder. This helps keep the account safe and secure. If you would like to make a payment on behalf of an account holder, or allow someone to make payments for you, please click below.
In most cases, you can only repay part of your original loan each year without an early repayment charge. The amount you can repay without an early repayment charge depends on your individual plan. For full details, please check your Lifetime Mortgage Offer document. This document will also show how long your early repayment charges apply.
There are some situations where you may be able to repay your lifetime mortgage in full without an early repayment charge.
For example, some plans include downsizing protection. This means that after a set time, usually five years from when your lifetime mortgage started, you may be able to repay your lifetime mortgage in full without an early repayment charge. This applies if you move to a property that does not meet the lender’s criteria.
Some joint lifetime mortgages also include an early repayment charge exemption. If one borrower passes away or moves into long‑term care, the lifetime mortgage may be repaid within three years without an early repayment charge. Some plans require that a full payment be made to get the exemption but some plans allow for partial payments in the early repayment charge exemption period too.
Please refer to your Lifetime Mortgage Offer for full details of what applies to your lifetime mortgage.