Moving home




As circumstances change in later life, you may wish to move to a home better suited to your needs.



Thanks to the options available with a more2life lifetime mortgage, that’s not a problem.

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So, what do I do if i want to move home?

If you’re moving to a new home and wish to take your lifetime mortgage with you, we recommend you contact us at your earliest opportunity, so we can help you through the process.

Please email [email protected], or call 03454 150 150

Make sure to include your name(s), account reference number, and any details you can give us about the intended move, including the new property details and the date of the intended move, if you can.

Porting

As all more2life lifetime mortgages meet Equity Release Council standards, if you wish to move home after taking out your lifetime mortgage with us, you may be able to move, or ‘port’, your lifetime mortgage to your new property. That’s providing it meets our lending criteria at the time of your request. You may be subject to a partial repayment should the value of the new property be less than the outstanding lifetime mortgage amount.

To check if there are any costs associated with porting your lifetime mortgage, please refer to your tariff of charges which you received alongside your lifetime mortgage documentation.
 

Repay your lifetime mortgage without an early repayment charge

If your new home doesn’t meet our lending criteria at the time of your intended move, you may be able to repay your lifetime mortgage in full without having to pay an early repayment charge. That’s providing the intended move occurs at least five years after you completed your lifetime mortgage with us. This is known as downsizing protection.

You can find out if downsizing protection applies to your lifetime mortgage by viewing your offer document.


Repay your lifetime mortgage with an early repayment charge

If your new home doesn’t meet our lending criteria at the time of the intended move, and you’re not eligible for downsizing protection or any other early repayment charge exemptions, you may face an early repayment charge if wish to repay the lifetime mortgage early.

To check if there are any charges associated with repaying your lifetime mortgage, please refer to your tariff of charges which you received alongside your lifetime mortgage documentation.

Getting the right advice

To take out a lifetime mortgage, you first need to receive advice from a qualified equity release adviser who’ll look at your options and tell you if it’s right for you.

If you’re yet to find an equity release adviser, we recommend searching the Equity Release Council's database of registered equity release adviser members. All Equity Release Council members have agreed to abide by Equity Release Council rules, guidance and standards, and have signed up to the Council's Statement of Principles.

Find an adviser

Still have questions?

If you still have questions, we'll be more than happy to help. Please call 03454 150 150 to speak to our customer support team.
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