Freedom 20 and Freedom 40 allow up to 20% or 40% ERC free optional repayments, and 12 payments can be made within a year. Both come with fixed ERCs, and a choice of either lump sum or drawdown facilities.
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 |
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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