Heritage Freedom 20 and Freedom 40 product range are the most flexible lifetime mortgages in the equity release market, allowing 20% or 40% ERC-free optional repayments, and 12 payments can be made within a year.
|Age limits||Minimum Age: 55
Maximum Age: 80
|Property Location||England, Wales and Scotland.|
|Property Value||Minimum Property Value: £70,000.
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: £1 million (£800,000 for Max Plus and Super Max products).
|Drawdown Facility||Both lump sum and drawdown products are available
Minimum Drawdown Facility: £5,000
Maximum Drawdown Facility: £200,000
|Cashback||No cashback is available.|
|Partial Repayments||Freedom 20 - up to 20% repayments can be made over 12 payments ERC-free. The minimum partial repayment amount is £500.
Freedom 40 - up to 40% repayments can be made of the advance amount over 12 payments per year ERC-free. The minimum partial repayment amount is £500.
|Loan to Values (LTVs)||Maximum LTV: 53.50% at age 80
|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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