Heritage Freedom 40 Product Range in Detail

Heritage Freedom 40 is the most flexible product on the Lifetime Mortgages market. It allows 40% ERC-free repayments and 12 payments can be made within a year.

  • No negative equity guarantee
  • ERC free repayments
  • Partial repayments
  • Fixed ERCs
  • Porting available
  • Drawdown facility

Conditions and Details

Criteria Information
Age limits Minimum Age: 55
Maximum Age: No maximum
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: £800,000
Drawdown Facility Both lump sum and drawdown products are available
Minimum Drawdown Facility: £5,000
Maximum Drawdown Facility: £200,000
Drawdown facility not available for Elite Range.
Cashback No cashback is available
Partial Repayments Up to 12 payments can be made of up to 40% of the advance amount per year early repayment charge (ERC)-free. The minimum partial repayment is £500
Loan to Values (LTVs) 54.6% at age 85 and above
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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