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.
|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.
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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