Change of Heart Guarantee
What is a Change of Heart Guarantee?
We know that taking a lifetime mortgage can be a big, and sometimes complex decision, that is why we provide a one month change of heart guarantee. This allows you to fully repay your mortgage within the first month without incurring any early repayment charges if you decide you do not want it.
If your mortgage started on 5th February, for example, you would have 1 calendar month, until 4th March, to fully redeem and have the early repayment charge waived. Similarly, if your start date was 1st September the deadline for full repayment would be 30th September.
It is important to note however that interest and any non-refundable fees you have incurred will still be payable; for example, the costs relating to independent financial and legal advice (your mortgage adviser and solicitor).
Our change of heart guarantee is subject to the following terms:
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Applicable for full repayments only - the guarantee does not cover partial repayments.
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Interest will be charged on your loan balance and will continue to be until repayment is made. This means that you must repay your full loan balance plus the interest charged.
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Full repayment must be made within 1 calendar month of your mortgage start date - see examples above for practical applications of this.
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Non-refundable fees associated with your loan, such as your financial and legal advice fees, will still be applicable.
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If your mortgage includes a drawdown facility, you must not have taken any draws from it. Also note that upon redemption this facility will no longer be accessible to you.
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You have adhered to the Terms and Conditions of your mortgage laid out in your offer letter.
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If you decide to exercise this guarantee, you will not be able to re-apply for a Riverton Lifetime Mortgage within 12 months of your redemption date.
If you would like to proceed, or have any other questions, you can call us on 0330 053 7540 or email us at customersupport@rivertonhomefinance.co.uk.