We're shortening our Fixed Early Repayment Charge Term
Good news! We’re delighted to announce that we are shortening our fixed early repayment charge (ERC) term on our lifetime mortgages. From 20th November we have:
- Shortened the fixed ERC term from 15 years to 10 years for all new customers
- Improved the term for our existing 15,000 customers with a fixed ERC by reducing it to 10 years from their completion date(s)
This means that not only do new customer’s benefit from greater flexibility and peace of mind If their circumstances change, but all of your qualifying existing customers will too.
We’ve got your clients covered
We will be reaching out in writing to customers who have an existing loan with a fixed early repayment charge.
Applications that are in progress for a fixed term ERC will complete on the new 10-year period. This will be confirmed in their completion documentation.
You can view your existing customer’s policies on our online portal.
If you have any questions or wish to discuss a specific case, please don’t hesitate to reach out to us. You can find all of our contact details here.