Heritage Freedom offers market-leading partial repayment flexibility, allowing up to 20% or 40% ERC-free repayments yearly, with a maximum of 12 payments per year.
Heritage Freedom offers market-leading partial repayment flexibility, allowing up to 20% or 40% ERC-free repayments yearly, with a maximum of 12 payments per year.
No negative equity guarantee
ERC free repayments
Partial repayments
Fixed ERCs
Porting available
Drawdown facility
| 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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