| Ref |
21 |
| Plan Name |
Lifetime Mortgage |
| Plan Type |
Rollup |
| Rate Type |
Fixed |
| Rate |
6.99% |
| APR |
7.4% |
| Interest Calculated |
Daily |
| Interest Applied |
Monthly |
| Min Percent Loan To Value |
20% |
| APR |
7.4% |
| Min Cash Sum to Value |
£10,000 |
| Max Percent Loan To Value |
50% |
| Max Cash Sum To Value |
£1,500,000 |
| Total cost of credit |
£237,882.09 (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 |
Yes |
| SHIP Member |
No |
| No Negative Equity Guarantee |
Yes |
| Medical Required |
No |
| Ex Council Property |
No |
| Location |
England Wales Scotland
|
| Minimum Property Value |
£1, No minimum property value applies. |
| Minimum Length of Lease |
80 years |
| Property Condition |
Well Maintained |
| Property Type |
House Bungalow |
| Property Status |
Freehold |
| 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 |
Yes, Refund of valuation fee max. £250. |
| Fees |
| Arrangement |
 |
Yes, £495 |
| Discharge |
|
Yes, If the mortgage is redeemed within the first 5 years, an early repayment charge equal to 3% of the amount redeemed will become payable. |
| Legal |
|
Yes, £250 |
| Valuation |
|
Yes, £250, Refund of valution fee max. £250 |
| Early Repayment |
|
Yes, Early repayment charge period is 5 years. |
| Other |
|
Yes, £50, £50 Security Discharge, £10 Funds Transfer, £495 Booking Fee |
|
| Loan Repayment Options |
Yes, property sold, sell to move into long-term care, sell and move into sheltered accomodation, or upon death. If the mortgage is repaid on death, or if borrower moves permanently into long term care, then the early repayment charge does not apply. |
| Is Plan Portable |
Yes |
| Available From |
Direct, IFA. |
| Other |
Optional repayment of interest, futher loans (min. £5000) subject to criteria at interest rate prevailing at that time. |
| Plan Details Date |
Sep 2007 |
