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: 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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