Will I be charged for making repayments?
With a more2life lifetime mortgage, you can pay up to 10% of your original loan amount each year without incurring an early repayment charge (ERC). However, in some circumstances you have the option to repay your lifetime mortgage in full without incurring an ERC.
For example, with our downsizing protection feature, if you move home in the future and your new property doesn’t meet our lending criteria, you can repay your loan in full without ERCs.
Alternatively, in the event of the joint applicant passing away or moving into long-term care, our early repayment charge exemption feature allows you to end your lifetime mortgage plan early and repay it in full if you wish.