| Ref |
20 |
| Plan Name |
Lifetime Mortgage |
| Plan Type |
Rollup |
| Rate Type |
Fixed |
| Rate |
6.75% |
| APR |
6.8% |
| Interest Calculated |
Annually |
| Interest Applied |
Annually |
| Min Percent Loan To Value |
25% |
| APR |
6.8% |
| Min Cash Sum to Value |
£25,500 |
| Max Percent Loan To Value |
45% |
| Max Cash Sum To Value |
£200,000 |
| Total cost of credit |
£214,422.81 (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 |
Yes, Further releases of equity may be available after 5 years. |
| SHIP Member |
Yes |
| No Negative Equity Guarantee |
Yes |
| Medical Required |
No |
| Ex Council Property |
Yes |
| Location |
England Wales
|
| Minimum Property Value |
£100,000 |
| Minimum Length of Lease |
85 years |
| Property Condition |
Well Maintained. |
| Property Type |
House Bungalow |
| Property Status |
Freehold Leasehold |
| Existing Mortgage |
Yes |
| 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 |
 |
Yes, £495 |
| Discharge |
|
No |
| Legal |
|
Yes, Client is responsible for own legal fees. |
| Valuation |
|
Yes, Client pays valuation fee. |
| Early Repayment |
|
Yes, Early repayment charge period is 5 years. |
| Other |
|
No |
|
| Loan Repayment Options |
No, Early Repayment Charge in first 5 yrs equal to 6% of amount repaid. |
| Is Plan Portable |
Yes |
| Available From |
Available through selected intermediaries only. |
| Other |
Further releases of equity may be available after 5 years. |
| Plan Details Date |
Apr 2007 |
