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.
|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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