Lump Sum Lite - Variable
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: 7.90%: 8.19%:: FREE Valuation* | 10 Year Fixed Early Repayment Charges | Choice of Fixed/Variable Rates | Downsizing Protection Option | Rates Capped & Collared
Eligibility
- Homeowner(s) with a minimum property valuation of £70,000
- Maximum acceptable property valuation is £1.75m
- Property located in England, Wales and Scotland
- Minimum age of youngest homeowner is 55, maximum age 100
- Minimum loan of £10,000, maximum £500,000
- No CCJ’s permitted
Features
- Variable interest rate linked to CPI and reviewed annually
- Capped and Collared Interest Rates
- No regular payment commitment
- Interest roll-up means increasing future balance
- Designed to provide a single lump sum with a low interest rate
- No negative equity guarantee – can never leave a debt for your beneficiaries
- Downsizing Protection – downsize after 5 years & repay with NO penalty
- Fixed early repayment charges over 10 years – 6% for 5 yrs, 3% for 5yrs, then none after 10 years
Options
- Choice of ‘Lite’ or ‘Standard’ plans
- Lite option has lower interest rate & lower LTV
- Standard option has higher interest rate & higher max LTV’s
- Additional borrowing after 6 months – minimum £4,000
Target Market
- Wish for a single lump sum amount
- Are not concerned about making repayments
- Feel the interest rolling-up is their best option
- Looking to clear debts or mortgages, before or into retirement
- Need to repay a mortgage but have insufficient income
- Have experience of tracker, discounted or variable rates