It’s not a requirement for you to make repayments on your more2life lifetime mortgage, as the loan plus roll-up interest is typically repaid through the sale of the property when the last remaining applicant passes away or moves into long-term care. However, you do have the option to do so if you wish. Making repayments can help to reduce your total cost of borrowing, which could allow you to pass on a greater inheritance to your beneficiaries.

If you choose to make repayments, you’re in control of how much and how often you pay, subject to criteria, with the minimum repayment being £50. This can be done through making either ad-hoc or regular repayments. However, depending on your plan, you can only repay up to 12% of the initial loan amount in each 12 month period without incurring early repayment charges (ERCs).

Learn about the benefits of making repayments

Set up a standing order

By setting up a standing order you can make regular repayments without the fuss. To set up a standing order, please let us know by emailing [email protected] or calling 03454 150 150 with your account reference number and name.

If you use online banking, your bank will be able to set up your standing order online without needing to be sent any paperwork from yourself. If you don’t use online banking, we’ll be in touch to first confirm your identity and arrange for you to receive a standing order mandate for you to fill out and send to your bank.

Set up a standing order

Make an ad-hoc repayment

If you wish to make a one-off repayment without setting up a standing order, you can do so by emailing a member of our team on [email protected] or calling 03454 150 150 and referencing your account number and name.

Please note that before we can accept a one-off repayment from yourself, we’ll first need to confirm your identity over the phone.

Make a repayment

Make a repayment on behalf of someone else

Only someone with a Lasting Power of Attorney can make a repayment or set up a standing order on behalf of someone else. And we’ll also need to confirm their identity beforehand.

If you wish to make a repayment on behalf of someone else, please email [email protected] or call 03454 150 150 with proof of Lasting Power of Attorney or a Letter of Authority, and certified identification. A member of our customer service team will then be in touch.

Make a repayment on behalf of someone

Will I be charged for making repayments?

With a more2life lifetime mortgage, depending on your plan you can repay up to 12% of your initial loan amount each year without incurring an early repayment charge (ERC).

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, after an initial period of 5 years, if you move home and your new property doesn’t meet our lending criteria, you can repay your loan in full without ERCs.

Alternatively, in respect of joint cases, within 3 years of the death or admission into long term care of the first partner, our early repayment exemption feature allows the mortgage to be repaid without early repayment charges.

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.

Alongside the benefits of equity release, we also want you to be aware of what’s important to consider before making a decision.

A lifetime mortgage is a loan secured against your home and subject to compound interest, meaning the amount you owe can grow quickly
Equity release will reduce the value of your estate and may affect your entitlement to means-tested benefits
Equity release may leave you with limited or no property equity remaining
Equity release will reduce your financial options in the future
A lifetime mortgage is a long-term financial product and is not designed to be fully repaid until the death or entry into long-term care of the last remaining borrower, otherwise early repayment charges may apply