What is Apex Interest Reward?

Apex Interest Reward is a feature of our Apex lifetime mortgage that could help your client save thousands over the life of their plan. 

By committing to making payments for 15 years, your client will be rewarded with an interest rate discount of up to 0.75% for the same period.

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Apex Interest Reward overview

Discount up to 0.75%



Adviser Guide

LTVs from 24.5% - 52%

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4-year fixed ERCs

Shortest in market

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Ages 55-84



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5 Star Rated by Defaqto

Our Apex lifetime mortgage has received a 5 Star Rating by Defaqto, meaning it comes with a comprehensive level of features and benefits and provides one of the highest quality offerings on the market.

How much could my client save?

Ahead of taking out a plan, your client commits to paying 25%, 50%, or 75% of the interest each month for the next 15 years. The amount they pay will then determine the discount they receive. For example, if they commit to paying 75% of the interest, they will receive a 0.75% discount; 50% of the interest, a 0.55% discount; 25% of the interest, a 0.3% discount. 

Apex Interest Reward also allows your client to make overpayments of up to 10% of the initial loan amount each year in addition to their agreed monthly payment to help further reduce their borrowing costs, but this won't affect their interest rate discount.

After 15 years, the discount is removed from your client’s Apex Interest Reward plan. At that point, they can continue to make regular payments without facing any early repayment charges if they wish.

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Case study example

Meet Victoria

Victoria is coming to the end of her interest-only mortgage and is looking for a way to meet her financial needs while still enjoying her newfound freedom in later life. By committing to making interest payments on her Apex Interest Reward plan, she could save more than £116,000 in her total cost of borrowing verus making no payments.* 

To ensure your Apex Interest Reward recommendation is the most suitable outcome, it's crucial to confirm your client is willing and able to make payments for the entirety of the fifteen-year payment term.

*Based on a loan amount of £100,000. Apex 880 interest rate of 7.81% MER (inclusive of 0.75% discount) making 75% interest payments for 15 years. After 15 years could save more than £116,000 in her total cost of borrowing versus making no repayments on the same product. 

Lending criteria tool

Apex boasts a flexible product criteria. For more details and to see how it compares to our other plans, use our free lending criteria tool. It helps answer some of the most common product criteria questions and allows you to personalise your criteria search to see if your client's home is eligible.

Lending criteria tool


Core:4 features

Our Core:4 features provide peace of mind, flexibility and control, and can help give your clients a brighter financial future. They're automatically included in our Apex Interest Reward plan, so you don’t have to worry about opting in.

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Apex IR Adviser Guide

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Lending criteria

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Product guide

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LTV tables

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Tariff of charges

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Product information

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Guide to lifetime mortgages

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Guide to more2life

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Core:4 guide

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FAQs

By committing to making payments on their Apex Interest Reward lifetime mortgage, your client can secure an interest rate discount of up to 0.75%. How much they pay will determine their interest rate discount: 

25% | 0.3%
50% | 0.55%
75% | 0.75%

The discounted interest rate will only apply to the 15-year payment term, but it can still help your clients save thousands over the life of their loan. 

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Yes, Apex Interest Reward is a feature of our Apex lifetime mortgage, so it comes with the same lending criteria and means your clients can still enjoy Apex's high LTVs and short ERCs. 

A plan holder can miss up to the value of three months’ payments with Apex Interest Reward without losing their interest rate discount. If a customer breaches the missed payments allowance, the discounted rate is removed. Their plan will then revert to the interest rate at completion, not the prevailing rate. You can learn more about missed payments in our Apex Interest Reward Adviser Guide. 

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No. Even if your client stops making payments during their payment term, their home is never at risk. Apex Interest Reward is a lifetime mortgage that meets Equity Release Council standards. 

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