We’ve made our lifetime mortgage products more flexible, helping you provide your customers with solutions that meet their ever-changing needs.
Our new terms include the ability to make an unlimited number of repayments and to access the reserve or additional borrowing at any time.
Different customers, different repayments
Say Tim, an existing customer, gets more calls for his handyman services. He can now use the extra income to make an unlimited number of repayments as small as £50 each, which is the new minimum repayment amount.
Or potential customer Mary does take out a lifetime mortgage but, soon after, is the beneficiary of a small inheritance. She'll be able to repay up to a maximum of 10% of the total amount she borrowed each year, which is the maximum allowed without the potential for an early repayment charge.
The new terms
Our new equity release terms will apply to both new and existing customers, who applied for a lifetime mortgage on or after 28th April 2014, and is available immediately, there is no need to ask for it to apply.
To find out more about the new terms, download our guide.
Find out more