Classic Drawdown Lite
-
: 6.44%: 6.74%:: Unlimited Valuation | No Application Fee* | 10%pa Voluntary Payment Option | Fixed Early Repayment Charges | Drawdown Scheme | Downsizing Protection | 3-Year ERC Exemption**
Eligibility
- Homeowner(s) with a minimum property valuation of £100,000
- Maximum property valuation permitted is £2 million
- Property must be located in England, Wales or mainland Scotland
- For flats & maisonettes, 85% of property value will be used for assessment
- Minimum age of youngest homeowner is 55, maximum age of 80
- Minimum loan of £10,000, maximum £1 million (ask for details if higher)
Features
- Competitively priced interest rate lifetime mortgage plan
- Flexible drawdown scheme – ability to access a cash reserve should funds be required in the future
- No repayments are necessary, although can be voluntarily made if necessary
- Ability to make voluntary partial repayments of upto 10%pa with NO penalty
- Competitively fixed lifetime mortgage interest rate
- No Negative Equity Guarantee – can never leave a debt for your beneficiaries
- Fixed early repayment charges over 15 years; Years 1-5: 6%, Years 6-10: 3%, Years 11-15: 1%, No penalty exists thereafter
- **The 3-year early repayment charge exemption applies to joint life applications should the loan be repaid within 3 years of death, or long term care of the partner
Options
- Free unlimited valuation option
- Option of repaying interest only/capital element annually requiring NO proof of income