Moving home

As circumstances change in later life, you may wish to move to a home better suited to your needs. We understand this, so we've created a guide to help you better understand your options. 

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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.

Things to consider

  1. A lifetime mortgage is a loan secured against your home
  2. If you move home and take your lifetime mortgage with you, it will continue to reduce the value of your estate and may affect your entitlement to means-tested benefits
  3. With a lifetime mortgage, there are typically no monthly repayments, as the loan plus roll-up interest, is repaid when the plan ends. This is usually when you, or the last remaining applicant, either passes away or moves into long-term care
  4. A lifetime mortgage may result in limited or no property equity remaining and will reduce your financial options in the future

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. Not all properties do, so it's worth contacting us to check first. 

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You may be subject to a partial repayment should the value of the new property or the maximum loan available be lower than the outstanding balance on your existing lifetime mortgage. 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 outside your early repayment charge period or 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 you wish to repay the lifetime mortgage early.

To check if there are any charges associated with repaying your lifetime mortgage, please refer to your offer documents.

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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