While a lifetime mortgage is intended to be held for life, circumstances may arise where you wish to sell your house and settle the mortgage early. In such cases, lenders may impose an early redemption charge (ERC), which comes in two forms: fixed and variable.
Discussing your potential early repayment with your Paxton Equity Release adviser is crucial, as penalties can vary. Understanding the implications and choosing the right option based on your circumstances ensures informed decisions regarding early repayment charges.
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However, this list is by no means exhaustive and we advise speaking to one of our expert Paxton Equity Release advisers as your next step.
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