Heritage Freedom Product Range in Detail

Freedom 20 and Freedom 40 allow up to 20% or 40% ERC free optional repayments, and 12 payments can be made within a year. Both come with fixed ERCs, and a choice of either lump sum or drawdown facilities.

Heritage Freedom 20 logo
Heritage Freedom 40 logo
  • No negative equity guarantee
  • ERC free repayments
  • Partial repayments
  • Fixed ERCs
  • Porting available
  • Drawdown facility

Conditions and Details

Criteria Information
Age limits Minimum Age: 55
Maximum Age: 85
Property Location England, Wales and Scotland.
Property Value Minimum Property Value: £70,000 (£100,000 ex-local authority properties)
Max Property Value: No maximum. Properties over £2 million are to be referred to Pure Retirement.
Loan Size Minimum Loan Size: £10,000.
Max Loan Size: £800,000.
Drawdown Facility Both lump sum and drawdown products are available
Minimum Drawdown Facility: £5,000
Maximum Drawdown Facility: £790,000
Cashback No cashback is available.
Partial Repayments Freedom 20 - up to 20% of the advance amount can be repaid each year with no ERC.
Freedom 40 - up to 40% of the advance amount can be repaid each year with no ERC.
For both products the minimum partial repayment amount is £500 with a maximum of 12 payments per year.
Loan to Values (LTVs) Maximum LTV: 37% at age 80
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 There is no downsizing ERC exemption covered in the Heritage plans

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