Variable Discount for Term (no LPA/CPA)

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

Interest Only.

Non-refundable Application Fee: £250.

A valuation fee is payable on application and is non-refundable. The mortgage adviser will confirm the amount which is dependent upon the price of the property.

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.

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

None.

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

Purchase 50%.
Remortgage 50%.

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

This product is available for new and existing customers, however, we do not accept existing customers with a retirement interest only mortgage.

There are no early repayment charges.

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.

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

Call us on 01782 255000.

Lines are Open 9.00am to 5.00pm Monday to Friday.