Mortgage Matters - Lifetime Mortgages Product  

Our services  include Spanish , Portuguese and Uk Mortgages. We have a special product for those Over 60's.

Mortgage Matters…… will be happy to give initial advice free of charge. Please telephone ( Tel. (0034) 952 960 392 Mobile (Spain) 626 243 949 Mobile (UK) 0792 863 7281 ) or e-mail ( mortgagematters@telefonica.net ) for a no obligation quotation and advice to suit your personal circumstances.

LIFETIME FIX OPTION – KEY FACTS & PRODUCT SPECIFICATION

Based on an initial cash advance at a lifetime fixed interest rate

• Minimum Age – 60 both applicants

• LTV – based on the younger age of the two (see table below)

• Amount of Borrowers – Maximum 2

• Minimum Advance - € 25,000

• Maximum Advance - € 750,000

• Actual Amount - determined by age and property value

• Further Advances – considered after 3 years

• Property values – between € 100,000 and up to € 3,000,000 (properties in excess of € 3,000,000 may be considered by negotiation)

• Lifetime Fixed Interest Rate – initially being proposed at 6.75%

• Lifetime Variable Rate Tracker – Initially being proposed at 6.25% (based on ECB base rate + 2.25%)

• Interest - Compounds Monthly

• Early Redemption Charge – 5% for first 5 years none thereafter. No Early Redemption Charge applied as a result of the death of last surviving spouse, or on last survivor moving into long-term care

• “No Negative Equity Guarantee” – provided by the Lender

• Associated Costs – completion fee, stamp duty, land registry, Notary, Lender’s legal and applicants Solicitor’s fees can all be deducted from the loan

• Valuation Fee – to be paid by applicant according to published tariff. Payment must be submitted at time of application

LIFETIME FLEXIBLE DRAWDOWN OPTION – KEY FACTS & PRODUCT SPECIFICATION

Based on an initial cash advance followed by guaranteed payments in future years

• Minimum Age – 60 both applicants

• LTV – based on the younger age of the two (see table)

• Amount of Borrowers – Maximum 2

• Minimum Initial Cash Advance - € 25,000

• Maximum Total Borrowing of both the Initial Cash Advance and the Flexible Portion - € 750,000

• Flexible Portion – the total sum committed by the lender as available for drawing down in future years, in minimum amounts of € 7,500 pa

• Draw-Down Fee – a fee of € 199 will be deducted to cover administration and bank charges from each advance of the Flexible Portion

• Actual Total Amount – determined by age and property value

• Property Values – between € 100,000 and up to € 3,000,000 (properties in excess of € 3,000,000 may be considered by negotiation)

• Interest Rate:

•  Lifetime fixed interest rate initially being proposed at 6.75% on the Initial Cash Advance, or a Lifetime variable tracker interest rate based on ECB base rate + 2.25%, initially proposed at 6.25%

•  Interest rate on the Flexible Portion will be at the lifetime fixed interest rate prevailing at the time of subsequent advances, or at the variable tracker interest rate prevailing at the time

• Interest - compounds monthly but only on the element that has been drawn down

• Early Repayment Charge – 5% for the first 5 years but none for repayment beyond 5th year, or for repayments to the Flexible Portion which can be repaid and redrawn in minimum sums of € 7,500 at any time without penalty

• Early Repayment Charge – no Early Repayment Charge on death of last survivor or in the event of last survivor moving into long-term care

• “No Negative Equity Guarantee” – provided by the Manchester Building Society

• Associated Costs – completion fee, stamp duty, land registry, Notary, Lender’s legal and applicants Solicitor fees can all be deducted from the loan

• Valuation Fee – to be paid by applicant according to published tariff. Payment must be submitted at time of application

                LOAN TO VALUE TABLE                

   60 = 22%    70 = 32%    80 = 42%    90+ = 52%

   61 = 23%    71 = 33%    81 = 43%                  

   62 = 24%    72 = 34%    82 = 44%                    **Maximum 2 Borrowers

   63 = 25%    73 = 35%    83 = 45%                  

   64 = 26%    74 = 36%    84 = 46%                  

   65 = 27%    75 = 37%    85 = 47%                     **LTV based on lower age

   66 = 28%    76 = 38%    86 = 48%                  

   67 = 29%    77 = 39%    87 = 49%                  

   68 = 30%    78 = 40%    88 = 50%                  

   69 = 31%    79 = 41%    89 = 51%                    

Alison Barker - Qualified Mortgage Broker

Financial Planning Certificate 1.2 +3

CeMap & Advance CeMap (Certificate in Mortgage Advice and Practice)

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