Customers can enjoy the wide range of LTVs of our Classic Lifetime Mortgages with some of the lowest rates in the market via a personalised quote depending on the clients exact borrowing requirements. ERC-free early repayment options can be made via Direct Debits with the security of fixed ERCs.
|Personalised Quote||Customers will receive a unique quote based on their loan amount, age, property value, property type and location. Log into our KFI portal to get an exact quote for your customer.|
|Age limits||Minimum Age: 55
Maximum Age: 84
|Property Location||England, Wales, and mainland Scotland (Elite Range: England only).|
|Property Value||Minimum Property Value: £125,000 (£150,000 if ex-local authority or desktop valuation). Elite Range: £2,000,001.
Max Property Value: £2 million in England, and £1 million in Scotland and Wales. Elite Range: No maximum.
|Loan Size||Minimum Loan Size: £10,000. Elite Range: £100,000.
Max Loan Size: £1 million in England, £540,000 in mainland Scotland and Wales. Elite Range: £2 million.
Both lump sum and drawdown products are available
Minimum Drawdown Facility: £5,000.
Maximum Drawdown Facility: Dependent on the maximum loan-to-value for the customer.
Minimum release from drawdown facility: £2,000
|Cashback||No cashback is available.|
|Partial Repayments||Up to 12 payments can be made of up to 10% of the advance amount per year early repayment charge (ERC)-free. The minimum partial repayment is £50.|
|Loan to Values (LTVs)||Maximum LTV is 21% - 46% depending on age.
|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.|
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