| Ref |
44 |
| Plan Name |
Equity Release Lifetime Mortgage |
| Plan Type |
Rollup |
| Rate Type |
Variable |
| Rate |
7.30% |
| APR |
7.6% |
| Interest Calculated |
Daily |
| Interest Applied |
Daily |
| Min Percent Loan To Value |
20% |
| APR |
7.6% |
| Min Cash Sum to Value |
£20,000 |
| Max Percent Loan To Value |
40% |
| Max Cash Sum To Value |
£250,000 |
| Total cost of credit |
£240,069.06 (based on a 15 year term and an initial loan of £80,000).
|
| Minimum Male Age |
65 |
| Minimum Female Age |
65 |
| Minimum Joint Age |
65/65 |
| Lump Sum |
Yes |
| Regular Income |
No |
| 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 |
£80,000 |
| 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, No arrangement fee. |
| Discharge |
|
No |
| Legal |
|
Yes, Client is responsible for both own and Vernon BS legal fees. |
| Valuation |
|
Yes, £170, From £170 through £270 for property values £80,000 to £250,000. Above £250,001 by negotiation. |
| Early Repayment |
|
No |
| Other |
|
No |
|
| Loan Repayment Options |
No |
| Is Plan Portable |
Yes |
| Available From |
Direct,IFA. |
| Other |
Variable rate is based on 0.25% discount off Standard Variable Rate for term. |
| Plan Details Date |
Sep 2007 |
