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. ERC-free partial repayments can be made via Direct Debits with the security of Fixed ERCs

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

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 Up to 12 payments can be made up to 10% of the advance amount per year early repayment charge (ERC) free. The minimum partial repayment amount is £50.
Loan to Values (LTVs) 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
Direct Debits Monthly Direct Debits of a regular amount can be set up for partial repayments on these products. Direct Debits Logo

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