Early repayment charges (ERCs) may apply if you choose to partially or fully repay your loan early. Please refer to your offer documentation and tariff of charges to determine the charges involved.
With a Standard Life Home Finance Horizon lifetime mortgage however, ERCs are fixed for 8 years, with no ERCs applied from year 9. Plus during this time, in some circumstances, you may have the option to repay your lifetime mortgage in full without incurring an ERC.
For example, with our downsizing protection feature, if you move home in the future and your new property doesn’t meet our lending criteria, you can repay your loan in full without incurring ERCs.
Alternatively, for joint cases, in the event of the joint applicant passing away or moving into long-term care, our early repayment charge exemption feature allows you to end your lifetime mortgage plan early and repay it in full if you wish, without incurring an ERC.
Please refer to our changes in circumstances pages for more information on moving home, bereavement and long-term care