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