Heritage Freedom offers market-leading versatility, allowing up to 20% or 40% ERC-free repayments yearly, and 12 payments can be made annually. Benefit from some of the most flexible repayment terms around.
Criteria | Information |
---|---|
Age limits |
Minimum Age:
55
Maximum Age: 85 |
Property Location | England, Wales and Scotland. |
Property Value |
Minimum Property Value:
£70,000 (£100,000 ex-local authority properties)
Max Property Value: No maximum. Properties over £2 million are to be referred to Pure Retirement. |
Loan Size |
Minimum Loan Size:
£10,000.
Max Loan Size: £800,000. |
Drawdown Facility |
Both lump sum and drawdown products are available
Minimum Drawdown Facility: £5,000 Maximum Drawdown Facility: £790,000 |
Cashback | No cashback is available. |
Partial Repayments | Freedom 20 - up to 20% of the advance amount can be repaid each year with no ERC. Freedom 40 - up to 40% of the advance amount can be repaid each year with no ERC. For both products the minimum partial repayment amount is £500 with a maximum of 12 payments per year. |
Loan to Values (LTVs) | Maximum LTV: 37% at age 80. View LTVs. |
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 | There is no downsizing ERC exemption covered in the Heritage plans |
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