OneFamily - Lump Sum Lite - Variable
  • OneFamily Lifetime Mortgages
  • : 5.50%
    : 5.80%
    :
    : 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

    Clients who:


  • 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
*Free valuation offer on property valuations upto £1m (pro-rata thereafter) & for limited time only