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At a glance

  • Clients can make up to 10% capital repayments each year with no ERCs
  • LTVs from 5% to 44%
  • Loans from £10,000 to £1.85m
  • Available to clients aged between 55 and 84

Plan features

Drawdown facility

Drawdown is available on some Flexi Choice plans. Unless your client is taking the full loan amount available to them they can release a smaller lump sum initially and have the remainder as a drawdown facility. The drawdown facility is restricted to twice the initial loan amount. There are no time restrictions or fees for accessing the facility. 

Flexi repayment option

Your client can choose to make capital repayments of up to 10% per year with no Early Repayment Charges. There can be a maximum of 4 repayments made per year, and each repayment must be a minimum of £500 on Flexi Choice Drawdown plans. For Flexi Choice Lump Sum plans, there can be a maximum of 12 repayments made per year, and each repayment must be a minimum of £50. The repayments on all Flexi Choice plans must not exceed 10% of the loan amount per year.

Downsizing Early Repayment Charge Exemption

This feature is designed to give your client peace of mind should they need to sell their home and repay their loan in full because they are moving to a property that does not meet our lending criteria.

After an initial period of five years, your client can repay their loan as a result of such a move without incurring any Early Repayment Charges.


FAQ's

  • Are there any limits on the drawdown facility?

    The maximum drawdown facility available to the client is twice the initial loan amount, and the minimum drawdown release is £2,000. No drawdown can be released in the same calendar year in which a partial repayment has been made. There is no limit on the number of drawdowns your client can release within this criteria, and there are no charges for accessing the drawdown facility.

  • Can my client move house in the future?

    All of our plans are portable, meaning that the plan can be transferred to a new home without financial penalty, as long as the new property meets the requirements of our lending criteria. If your client wanted to move to a new home outside of our lending criteria after an initial period of 5 years, our Downsizing Early Repayment Charge Exemption would allow them to repay their loan in full without incurring any ERCs. If your client is moving to a lower value property, or the original loan amount, plus interest, is greater than the LTV on the new property, your client will usually need to repay part of their lifetime mortgage. Please refer to the Tariff of Charges for details of fees that will be applied when moving home.

  • What are my clients' obligations once their plan is arranged?

    Your client is required to live in and keep the property in a good state of repair for the duration of the loan. They are also required to inform more 2 life before anyone not party to the loan moves into the property. The property must be adequately insured for the duration of the loan. For further details, please refer to the Key Facts Illustration.



Documents

Tailored Choice

Our Tailored Choice Plan provides a medically underwritten lending solution, with one of the best drawdown facilities on the market.

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Capital Choice

Our Capital Choice Plans allow clients to have a lifetime mortgage, as well as the ability to make capital repayments without penalty.

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Flexi Choice

Our Flexi Choice lifetime mortgages give your clients a competitive interest rate and the flexibility to make capital repayments. They can choose to take either a lump sum one or a series of lump sum payments with our drawdown plan.

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Maximum Choice

On our Maximum Choice Plan, clients can repay up to 12% of their loan each year without incurring an Early Repayment Charge.

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