| Ref |
39 |
| Plan Name |
Age Concern Lifetime Mortgage |
| Plan Type |
Rollup |
| Rate Type |
Variable |
| Rate |
6.85% |
| APR |
6.9% |
| Interest Calculated |
Monthly |
| Interest Applied |
Daily |
| Min Percent Loan To Value |
20% |
| APR |
6.9% |
| Min Cash Sum to Value |
£3,000 |
| Max Percent Loan To Value |
50% |
| Max Cash Sum To Value |
£30,000 |
| Total cost of credit |
£218,873.25 (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 |
| Lump Sum |
Yes, One-off loans from £3000 |
| Regular Income |
Yes, Monthly releases start from£50 per month (tax free) |
| Income Fixed |
N/A |
| Income Escalating |
N/A |
| Income Linked |
N/A |
| Life Cover |
No |
| Further ER Advances |
No |
| SHIP Member |
No |
| No Negative Equity Guarantee |
Yes |
| Medical Required |
No |
| Ex Council Property |
No |
| Location |
England
|
| Minimum Property Value |
£30,000 |
| Minimum Length of Lease |
80 years |
| Property Condition |
|
| Property Type |
House |
| Property Status |
Freehold |
| Existing Mortgage |
No |
| Conditional Property Insurance |
No |
| Security of Tenure |
Yes |
| Minimum Income Requirement |
No |
| Income Linked to Property Value |
No |
| Plan Income Protection |
No |
| Incentives |
No |
| Fees |
| Arrangement |
 |
No |
| Discharge |
|
No |
| Legal |
|
No |
| Valuation |
|
No |
| Early Repayment |
|
No |
| Other |
|
No, You are free to choose your own Buildings and Contents insurer without incurring any additional administration charge. |
|
| Loan Repayment Options |
Yes, If you wish to repay your Lifetime Mortgage at any time in the future, you can do so without incurring any early repayment charges. |
| Is Plan Portable |
No |
| Available From |
The Northern Rock BS (0845 600 1562) |
| Other |
Interest rates tracks Bank of England Base Rate and is capped at 8.99% for the life of the loan. Aimed at retirees who only need or want to borrow modest amounts. |
| Plan Details Date |
Feb 2005 |
