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|Lifetime Mortgage Lump Sum Lifestyle|
|Type of loan||Lump sum.|
|Eligibility||Your client will have to be a resident in the UK and should be able to provide a UK address history covering the last 36 months. They must have a permanent right to reside in the UK.|
|Minimum age attained at entry||55|
|Maximum age attained at entry||90|
|Minimum starting loan||£30,000|
|Maximum property value||£6,000,000|
|Loan to Value Scale||The maximum loan to value is determined as a percentage of the property value, using the age of the youngest applicant.
Find our loan to value scale here.
There can be financial consequences of redeeming the lifetime mortgage early. As the first lender to offer fixed early repayment charges, we’re able to give complete transparency and certainty to your clients of what these charges will be.
We calculate charges on the percentage of loan amount repaid – it doesn’t include any accrued interest.
|Year of early repayment||% of the loan amount repaid|