Moving Home

If you are moving home you may want to take your existing Lifetime mortgage with you and transfer this to your new property. While this is possible in some situations, following nationalisation, we are unable to offer any additional borrowing. This means you will not be able to take your existing Lifetime mortgage with you if you need to increase the size of your Lifetime mortgage . If you need to borrow more, you will have to move your Lifetime mortgage to a new provider who may be able to offer you a better deal.

Are you planning to move home?

If you want to move home and your Lifetime mortgage balance including the rolled up interest is higher than the maximum we will allow for the value of your new property, then you will need to repay some of the loan.

To find out what options are available if you are moving home and are considering moving your Lifetime mortgage with you, please contact us so that we can discuss your individual circumstances.

Will I have to pay an Early Repayment Charge to move my Lifetime mortgage?

If you need to move your Lifetime mortgage to another lender to borrow more money, then provided your new Lifetime mortgage is at least £5000 greater than your remaining outstanding Lifetime mortgage with us, then we will waive any Early Repayment Charge (ERC), if this would have applied to you.

If you are moving home and need to repay some of your Lifetime mortgage because it is above the maximum we will allow for your new home, then there will be no ERC payable on the amount you have to repay.

To find out if and when an ERC may apply, please contact us for more details or check the Terms and Conditions of your relevant Lifetime mortgage .

Please note - if we are to waive an ERC, we will need to see evidence that the new Lifetime mortgage is at least £5,000 greater than your existing one by way of a copy of your new Lifetime mortgage offer from your solicitor.

"Great news! We are currently waiving all Early Repayment Charges until further notice." Find out how you can benefit from this
How do I find a suitable Lifetime mortgage with another lender?

We recommend you speak to an independent Lifetime mortgage adviser to find a Lifetime mortgage that meets your needs.

If you do not have your own adviser or broker, we have teamed up with Just Retirement Solutions, one of the country's leading retirement brokers. Just Retirement Solutions have specialist advisers who would be happy to help you find the right remortgage deal. As an added incentive, they have agreed to waive their usual advice fees for customers that we refer directly. Please contact us and we will put you directly in touch with them.

What about moving into Long Term Care?

If you (or the last one of you living at the property for a joint Lifetime mortgage ) are moving into Long-term Care then you will need to redeem your Lifetime mortgage . Find out more about redeeming your Lifetime mortgage .