| Ref |
35 |
| Plan Name |
Second Home Lifetime Mortgage |
| Plan Type |
Rollup |
| Rate Type |
Fixed |
| Rate |
6.75% |
| APR |
7.1% |
| Interest Calculated |
Daily |
| Interest Applied |
Monthly |
| Min Percent Loan To Value |
15% |
| APR |
7.1% |
| Min Cash Sum to Value |
£26,000 |
| Max Percent Loan To Value |
48% |
| Max Cash Sum To Value |
£2,000,000 |
| Total cost of credit |
£225,189.41 (based on a 15 year term and an initial loan of £80,000).
|
| Minimum Male Age |
60 |
| Minimum Female Age |
60 |
| Minimum Joint Age |
60/60 |
| Lump Sum |
Yes |
| Regular Income |
Yes |
| Income Fixed |
No |
| Income Escalating |
No |
| Income Linked |
No |
| Life Cover |
No |
| Further ER Advances |
No |
| SHIP Member |
Yes |
| No Negative Equity Guarantee |
Yes |
| Medical Required |
No |
| Ex Council Property |
No |
| Location |
England Wales Scotland Northern Ireland
|
| Minimum Property Value |
£60,000 |
| Minimum Length of Lease |
80 years |
| Property Condition |
Good condition. |
| Property Type |
House |
| Property Status |
Freehold |
| Existing Mortgage |
No |
| Conditional Property Insurance |
No |
| Security of Tenure |
No |
| Minimum Income Requirement |
No |
| Income Linked to Property Value |
No |
| Plan Income Protection |
No |
| Incentives |
No |
| Fees |
| Arrangement |
 |
Yes, £595, Arrangement fee 0.75% (min £595). Can be added to loan subject to to maximum LTV. |
| Discharge |
|
No |
| Legal |
|
Yes, Client is responsible for own legal fees. |
| Valuation |
|
Yes, Survey Fee dependent on property value. |
| Early Repayment |
|
Yes, Early repayment charge period is 5 years. |
| Other |
|
No |
|
| Loan Repayment Options |
No |
| Is Plan Portable |
Yes |
| Available From |
Direct, IFA. |
| Other |
Further advances may be available after 3 years. Landlord loan and Holiday Home Loan, non-FSA regulated Equity Release Mortgages are also available. Other: 1% of outstanding balance payable on repayment. |
| Plan Details Date |
Sep 2007 |
