If I took out a lifetime mortgage can I repay the plan early?
Yes, unlike a home reversion plan, you can repay a lifetime mortgage anytime before you die or need to go into care. However, depending on how early you repay it and the lifetime mortgage provider, you may have an Early Repayment Charge to pay in addition to the balance of loan taken and , in the case of a roll up lifetime mortgage, accumulated interest.
Whilst early repayment charges are one important factor to consider in choosing a lifetime mortgage, it is only one factor. We would recommend that anyone thinking of a taking out a lifetime mortgage should receive face to face advice from a specialist impartial equity release adviser such as ourselves, so that we can consider all lifetime mortgages and other equity release schemes and consider there relative benefits and drawbacks including comparing early repayment charges.
Free initial consultation
If you would like to benefit from a free home consultation with an impartial and experienced equity release adviser, please complete our online enquiry form and we will call you back to discuss your requirements and make an appointment as soon as possible.