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.
Downsizing protection
No negative equity guarantee
ERC free repayments
Partial repayments
Fixed ERCs
Free EPC valuation
| Criteria | Information |
|---|---|
| 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 (Classic Elite: England only). |
| Property Value | Minimum Property Value: £125,000 (£150,000 if ex-local authority or desktop valuation). Classic Elite: £2,000,001. Max Property Value: £2 million in England, and £1 million in Scotland and Wales. Classic Elite: No maximum. |
| Loan Size | Minimum Loan Size: £10,000. Classic Elite: £100,000. Max Loan Size: Based on the maximum property value and LTV. |
| Drawdown Facility |
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 22.50% - 48.00% 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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