Customers can enjoy the flexibility of our Heritage Lifetime Mortgages. ERC-free early repayment options available, customers can also choose between Fixed and GILT Early Repayment Charges, and there is no maximum property value.
Customers can enjoy the flexibility of our Heritage Lifetime Mortgages. ERC-free early repayment options available, customers can also choose between Fixed and GILT Early Repayment Charges, and there is no maximum property value.
No negative equity guarantee
ERC free repayments
Porting available
Cashback Available
Fixed ERCs
Variable ERCs
Drawdown facility
| 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 (For fees package, minimum £20,000) 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 | 2% cashback of the initial loan is available for the fees package |
| Partial Repayments | Up to 6 payments can be made of up to 10% of the advance amount per year early repayment charge (ERC)-free. The minimum partial repayment is £500. For the Heritage Freedom 40 products, up to 12 payments can be made of up to 40% of the advance amount per year ERC-free |
| Loan to Values (LTVs) | Minimum LTV: 22.45% at age 55 Maximum LTV: 54.6% at age 85 and above |
| Early Repayment Charges (ERCs) | A choice of Fixed and GILT ERCs are available 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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