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The Financial Conduct Authority (FCA) 4 and the Equity Release Council (ERC) 5 regulate its lifetime mortgages.
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If you choose not to make any monthly payments, the interest on your lifetime mortgage will accrue on a compound basis.
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For example, if you have £100,000 equity in your home, you might be able to get a second charge mortgage worth up to £80,000.
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Alternatively, you may wish to make repayments towards your lifetime mortgage. Adjust your down payment size to see how much it affects your monthly payment.
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Under these rules you can repay your lifetime mortgage at any time, however any settlement could be subject to early repayment charges.
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You retain full ownership of your home, and the mortgage lender places a charge on your property for the equity release loan.
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