Classic Product Range in Detail

Customers can enjoy the wide range of LTVs of our Classic Lifetime Mortgages with some of the lowest rates in the market. ERC-free early repayment options are available, this product provides the security of fixed ERCs, and fees packages. Limited Distribution Panel.

  • Downsizing protection
  • No negative equity guarantee
  • ERC free repayments
  • Partial repayments
  • Porting available
  • Fixed ERCs

Conditions and Details

Criteria Information
Age limits Minimum Age: 55
Maximum Age: 84
Property Location England, Wales, and mainland Scotland (Elite Range: England only)
Property Value Minimum Property Value: £125,000 (£150,000 if ex-local authority or desktop valuation). Elite Range: £2,000,001
Max Property Value: £2 million in England and £1 million in Wales and Scotland. For properties of £1 – 2 million, please refer to Pure Retirement. Elite Range: £5 million
Loan Size Minimum Loan Size: £10,000. Elite Range: £100,000
Max Loan Size: £1 million in England, £515,000 in mainland Scotland and Wales. Elite Range: £1.85 million
Drawdown Facility Both lump sum and drawdown products are available
Minimum Drawdown Facility: £5,000
Maximum Drawdown Facility: Dependent on the maximum loan-to-value for the customer.
Drawdown facility not available for Elite Range
Cashback No cashback is available
Partial Repayments Up to 12 payments can be made of up to 10% of the advance amount per year early repayment charge (ERC)-free. The minimum partial repayment is £50
Loan to Values (LTVs) Minimum LTV: 5% at age 55
Maximum LTV: 51.5% at age 84 (Elite Range: 37.0%)
Early Repayment Charges (ERCs) Early Repayment Charges are fixed For more details, please see the ERC guide
Set up Costs For set-up costs please see the Tariff of Charges
Porting The lifetime mortgage can be transferred to a new property, subject to it meeting lending criteria at the time
Downsizing ERC Exemption If the initial advance has completed over 5 years ago and the new property does not meet the prevailing lending criteria, then the borrower(s) may repay the entire loan ERC-free
Direct Debits Monthly direct debits of a regular amount can be set up for partial repayments on these products.

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