Variable Discount for Term (no LPA/CPA)

Variable Discount for Term (no LPA/CPA)

Initial Pay Rate


Loan to Value






Product Code



Early Replayment Charge:


Things you need to know

Initial Pay Rate

6.54% Initial Pay Rate for term which represents a 1.95% discount off our Standard Variable Rate (SVR) currently (8.49%).

Repayment Basis

Interest Only.


Non-refundable Application Fee: £250.

A valuation fee is payable. See fee scale for cost


Minimum age 55 years and the borrower(s) must be retired. There is no maximum age.

The maximum term is 55 years For joint mortgages each borrower will need to afford the mortgage in their own right. Borrower(s) must be retired prior to application.

Minimum Interest Rate

The interest rate on this product will not drop below 2.00%.



Loan Size

Minimum Loan £10,000.
Maximum Loan £750,000.

Maximum Loan to Value

Purchase 50% LTV.
Remortgage 50% LTV.

Property Location

Available for properties located in England, Wales and Scotland (Selected Scottish Islands accepted, please refer to criteria).

Procuration Fee

The Society will pay a procuration fee of 0.35% on completion to the intermediary.


This product is available for new mortgage customers only.

Early Repayment Charges

There are no early repayment charges.

Representative Example

A mortgage of £56,275 payable over 25 years on a discounted variable rate of 6.54% for 25 years would require 300 monthly payments of £306.70. The total amount payable would be £148.844.63 made up of the loan amount plus interest (£92,009.63), an Application fee of £250, Valuation fee of £275 and a Funds transfer fee of £35.

The overall cost for comparison is 6.6% APRC representative.

RIO Guide

To found out more about Retirement Interest Only Mortgages, read our helpful guide HERE

Find out More or Apply

Call us on 01782 255000 (selecting option 1 – Hanley Intermediaries then option 1 – New business enquiries).

Lines are Open 9.00am to 5.00pm Monday to Friday (Wednesday 9.30am to 5.00pm).

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