Lifetime mortgages, or Equity Release, is used by many who choose to fund care in their own home.
From the end of March, all customers taking out mortgages that meet the standards set by the Equity Release Council will be guaranteed the right to make penalty-free partial repayments of their loans.
It means new customers can not only reduce their borrowing, but offset the interest, without making any ongoing commitment to further repayments.
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