Sovereign Product Range in Detail

Customers can enjoy the widest ranging underwriting criteria of our Lifetime Mortgages. There are no maximum property value thresholds, fees and cashback packages are available, as well as an Elite range of products.

  • Downsizing protection
  • Porting available
  • No negative equity guarantee
  • Fixed ERCs
  • Cashback available
  • Drawdown facility

Conditions and Details

Criteria Information
Age limits Minimum Age: 55
Maximum Age: 90
Property Location Mainland England (including the Isle of Wight), Wales, and mainland Scotland
Property Value Minimum Property Value: £70,000
Max Property Value: No maximum value. Please refer to Pure if over £6 million
Loan Size Minimum Loan Size: £10,000 (For fees package, minimum £20,000)
Max Loan Size: £725,000 (For the Elite range £2 million; refer if over £1 million)
Drawdown Facility Both lump sum and drawdown products are available
Minimum Drawdown Facility: £2,000
Maximum Drawdown Facility: Dependant on the maximum loan-to-value for the customer
Drawdown facility not available for Elite Range
Cashback 3% cashback of the initial loan is available for the fees package
Partial Repayments Partial repayments are not allowed early repayment charge (ERC)-free
Loan to Values (LTVs) Minimum LTV: 3.5% at age 55
Maximum LTV: 52% at age 90
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 If the initial advance has completed over 5 years ago and the new property does not meet the prevailing lending criteria, then the borrower(s) may repay the entire loan ERC-free

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