Classic and Sovereign Lifetime Mortgages allow 10% ERC-free repayments per year, whilst the Emerald range allows up to 12%. For each range 12 payments can be made within a year.
To help demonstrate the benefits of making monthly repayments we have created a monthly repayment calculator. Simply enter the property value, loan size, interest rate, payment amount and house price growth % and the calculator will show the impact these payments have on the balance, the equity remaining and if any ERCs are applicable.
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