Customers can enjoy a wide ranging underwriting critera, an Elite range of products, and the option of 4% cashback via a personalised quote based on the customer’s exact borrowing requirements. ERC-free partial repayments 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: 85
|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 (cashback products £20,000)
Max Loan Size: Max loan size £2m (can refer if over)
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||4% cashback of the initial loan amount is available on selected products. Cashback is unavailable on Elite products|
|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)||Maximum LTV is 23.00% to 38.50% 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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