Equity Release - Fixed Lifetime Mortgage

If the mortgage is redeemed within ten years of the start date, a charge equal to 5% of the original loan amount will be payable. This will not apply where redemption is a result of a customer going into long term care, sheltered accommodation or death of the customer.

If an overpayment is made within ten years of the start date, a charge equal to 5% of the overpayment will be payable.

As the mortgage is portable, the early repayment charge may not be payable if you move house and take out a new mortgage with Scottish Widows Bank.