There are products that offer you the option to make partial repayments with no early repayment charges. The amount that can be repaid is usually up to a fixed amount each year. Some products also offer fixed early repayment charges that apply for a set time period so any repayments after this won’t have a
You can apply for a lifetime mortgage providing you pay off your existing mortgage balance. This can be done either through the equity you release or through your savings. Using equity release to repay an existing mortgage could cost you more in the long-term.
Providing the terms and conditions are met, no debt is left to your estate and you’ll never owe more than the value of your home once sold upon death or permanently moving into long term care.
With most lifetime mortgages, you’re able to move home and transfer your lifetime mortgage to the new property providing it meets the lender’s terms and criteria. A partial repayment may be required.