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.
|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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