| Ref |
17 |
| Plan Name |
Protected Equity Lifetime Mortgage |
| Plan Type |
Rollup |
| Rate Type |
Fixed |
| Rate |
7.69% |
| APR |
8.2% |
| Interest Calculated |
Monthly |
| Interest Applied |
Monthly |
| Min Percent Loan To Value |
20% |
| APR |
8.2% |
| Min Cash Sum to Value |
£5,000 |
| Max Percent Loan To Value |
50% |
| Max Cash Sum To Value |
£1,000,000 |
| Total cost of credit |
£263,494.32 (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 |
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
|
| Minimum Property Value |
£40,000 |
| 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 |
 |
No |
| Discharge |
|
No |
| Legal |
|
Yes, Legal fees payable by client. |
| Valuation |
|
Yes, Valuation fees payable by client. |
| Early Repayment |
|
Yes, Early repayment charge period is 20 years (Nil if loan is less than £25,000). |
| Other |
|
Yes, £995, Product fee payable by client. No fee option available with the rate increased by 0.20%. |
|
| Loan Repayment Options |
No |
| Is Plan Portable |
Yes |
| Available From |
Direct, IFA. |
| Other |
Offers one-off cash lump sum with option of protecting up to 50% of the eventual sale value of the property. Further advances may be available. |
| Plan Details Date |
Sep 2007 |
