The lifetime mortgage allows for early repayments of up to 10% of the amount borrowed without early repayment charges.
A statement from Hodge Lifetime, said: “In our experience, customers with a lifetime mortgage often find that they want to downsize later in life. In most cases, this would require them to either transfer the plan to the new property or to repay their loan in full.
“After the first five years of the lump sum lifetime mortgage, borrowers wishing to move home and repay their loan in full can do so without incurring early repayment charges.
“For those customers dissuaded by the long term commitment of equity release, products offering the flexibility to make repayments may be the solution.”
