When a client leaves their home because they need to go into Long Term Care or they die, there is no Early repayment penalty. Recently clients needed funds to repay their interest-only mortgage. I researched the lowest rate available but there was a complicated calculation required to confirm the Early Repayment Charge. This involved the FTSE UK Gilts 15 Years Yield Index. If the Index is lower at the time they want to repay and they don’t qualify for a free repayment and the Index is lower than at the time they bought the plan then they will be penalised. They are unable to tell today what this may be in the future. Before Brexit, it seemed that interest rates couldn’t go any lower but now there may well be a further reduction. They explained that as one of their parents who may die within 10 years had property which they will inherit. If they do it will offer them the opportunity to repay the lifetime mortgage early. Although the rate I had quoted was the lowest in the market, they were concerned about the vagueness of the repayment penalties. They had good reason and asked could I find a clearer to understand repayment penalty? With this additional knowledge, the search was on for the clearest ERP plans. One lender had just come out with a plan with a an interest rate slightly higher to the lowest rate I had already quoted. But this plan had defined capital repayments for the first 5 and 10 years. I was able to obtain a free valuation through the privileged terms I enjoy through the Later Life Academy mortgage club. They were delighted. It confirmed why it is essential to gather full details about their future plans and ambitions. Assume nothing when fact finding a client’s needs! It also confirms the benefit of meeting clients face to face. Now is the time to test the Maxlyte service proposition. You will be able to confirm how well any referrals are handled and how well the results will reflect on you.