Introducing Direct Debits on our Classic range of Lifetime mortgages. Helping customers to schedule up to 12 monthly repayments per year, from the product’s allowance of 10% ERC-free repayments.
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.
Criteria | Information |
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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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