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Lifetime mortgage with voluntary repayments

Reduce the size of your lifetime mortgage by making voluntary ad-hoc repayments

What is a lifetime mortgage with voluntary repayments?


With a lifetime mortgage, you can make voluntary, ad hoc capital and/or interest repayments to help manage the size of the loan (subject to criteria).
  • A lifetime mortgage, the most popular type of equity release, is a loan secured against your home which allows you to unlock some of the tax-free cash from your home, while retaining full ownership
  • You can repay some of the interest and/or capital to reduce the size of the loan (subject to criteria)
  • You decide when you want to make the repayments and all repayments are voluntary
  • You could reduce the size of your loan, potentially saving thousands over the course of your plan
  • You can spend the money you release in a number of ways

Am I eligible for a lifetime mortgage with voluntary repayments?

To qualify for a lifetime mortgage, you must:

  • Be aged 55 or over
  • Own your own home with a property value of at least £70,000

How does a lifetime mortgage with voluntary repayments work?


By making ad hoc interest and/or capital repayments, you could reduce the size of your loan, meaning you’ll have more to pass on as an inheritance when your plan ends.
 
You have the choice of whether to reduce the capital or interest of your lifetime mortgage, or both. As these repayments are voluntary, you decide how much you want to pay and when you want to pay it.
 
It’s important to note, though, most plans come with an annual repayment limit. If you go over your limit, you will incur early repayment charges. Speak to an equity release adviser to find out more.

Ready to see how much you could release?

If you’ve decided that a lifetime mortgage might be right for you, you can see how much tax-free cash you could release from your home by using our free online calculator.

Not sure which product is right for you?

Our handy mortgage finder helps you understand your later life mortgage options, with all the information you need to help decide on your next steps.

Things to consider

  • You have to receive equity release advice before releasing tax-free cash from your home - please read all our information and make sure it’s right for you
  • Key Equity Release offer lifetime mortgages only, which is a loan secured against your home. It will reduce the value of your estate and may affect your entitlement to means-tested benefits
  • All of our plans meet the Equity Release Council standards and come with several protections, including the no negative equity guarantee, which means you’ll never owe more than your home’s value
Page last updated: Tuesday 29 June 2021