Downsizing Protection allows customers to repay their lifetime mortgage without having to pay an Early Repayment Charge if they move home and their new property doesn't meet our lending criteria.
Clients must have had their lifetime mortgage for five years or more in order to qualify for Downsizing Protection.
If your client decides that they want to move home but they don’t want to transfer their lifetime mortgage or, if they choose to repay their lifetime mortgage for any other reason, they may still have to pay an Early Repayment Charge.
Downsizing Protection is available for new and existing customers.