Voluntary Select Options

Our Voluntary Select lifetime mortgages are designed to provide you with flexibility and choice, allowing you to stay in control of your finances.

Voluntary repayments

Our Voluntary Select Options allow you to pay back up to 15% of the initial loan amount each year, without being charged an early repayment charge. This means that you can choose how much interest to pay, and you can choose to pay back some capital each year too.

The money that you release is tax-free, and is a one-off payment. The voluntary contributions can be made at any time, at any frequency and they can be for any amount from £50 upwards. There is no penalty if you choose not to make a voluntary contribution.

Cash reserve facility

If you think that you might want to borrow more money in the future, you can add a cash reserve facility to your lifetime mortgage at the outset. This means that you can withdraw further funds, without having to take financial advice. Your financial adviser will be able to talk you through this in further detail.


Early Repayment Charges

If you decide to repay your mortgage, you may incur an Early Repayment Charge. Our Early Repayment Charges are fixed.

We also offer the following Early Repayment Charge waivers:

  • If, after 5 years, you decide to repay the Lifetime Mortgage because you move homes, you will not need to pay an Early Repayment Charge
  • In the case of joint borrowers, you will not need to pay an Early Repayment Charge if you decide to repay the Lifetime Mortgage within 3 years of the date that the first borrower dies or goes into long term care. 

The interest rates on our Voluntary Select Options are currently:

Product Monthly interest rate (MER) Annual interest rate (AER)
Voluntary Select Gold 5.55% 5.69%
Voluntary Select Platinum 6.12% 6.29%

Our additonal borrowing rates

If you want to borrow more money in the future, the interest rate of additional borrowing may be charged at a different rate to your intial loan. It could be higher or lower. You can view our current additional borrowing rates for cash reserve facility withdrawals and further advances here.

Our Guide to Equity Release

Our customer brochure provides an overview of equity release and explains the main features of lifetime mortgages, and how these can benefit you if you are in, or approaching, retirement.

 Download the brochure 

Order our documents

If you would like hard copies of our literature, you can order them for free using our document request form.