Your lifetime mortgage has a ‘No Negative Equity Guarantee’. This means that if the sale price isn’t enough to pay off the outstanding balance, we won’t ask for the difference to be paid (known as a ‘shortfall’). If you’re worried that the sale price of your property won’t be enough to pay off your lifetime …
Can I pay off just my unsecured loan and not my mortgage?
Yes, you can pay off your unsecured loan at any time. To find out how much you owe and how to make the payment, you will need a redemption statement. You can request one by:
Can I make payments to reduce the balance of my lifetime mortgage?
Yes, you can. You can pay by debit card over the phone or using our self-serve facility, by bank transfer or cheque. If you send us a cheque, please remember to write your account number on the back.
Can I pause or stop the monthly income payments on my lifetime mortgage?
You can stop the income payments at any time, but once we’ve stopped them they can’t be restarted. So, it’s important to be sure that you no longer require the monthly income before you ask us to do this. Interest will continue to be charged to the outstanding balance. You’ll need to write to us …
Can someone speak to you about my lifetime mortgage on my behalf?
Yes, but first you’ll need to give us your authority. Visit the Update your details section on our Manage Account page and select ‘Giving someone third-party authority’ for information on how you can do this.
Downsizing to a lower value property
You could move to a lower value property with a smaller mortgage by transferring your existing mortgage with us (known as ‘porting’) or by taking out a new mortgage with a different lender. To find out if you can port your mortgage, you’ll need to check your latest mortgage offer. You’ll need to speak to …