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.
Criteria | Information |
---|---|
Age limits | Minimum Age: 55 Maximum Age: 85 |
Property Location | England, Wales and Scotland |
Property Value | Minimum Property Value: Minimum Property Value: £70,000 (£100,000 if Super Max Plus product, or if ex-council or ex-MOD property) Max Property Value: No maximum. Properties over £2 million are to be referred to Pure Retirement |
Loan Size | Minimum Loan Size: £10,000 (£20,000 if fees package product) Max Loan Size: £1 million for Heritage Max. £800,000 for all other products |
Drawdown Facility | Both lump sum and drawdown products are available Minimum Drawdown Facility: £5,000 Maximum Drawdown Facility: £200,000 |
Cashback | Up to 5.5% cashback options available with fees package products |
Partial Repayments | Up to 6 payments can be made of up to 10% of the advance amount per year ERC free. The minimum partial repayment amount is £500. For Heritage Freedom products, up to 12 payments can be made totalling up to 20% or 40% of the advance amount per year ERC free |
Loan to Values (LTVs) | Maximum LTV: 57.00% at age 85 |
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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