Unlock the door to your first home with our £2,000 Cashback Mortgage! The £2,000 can also be put towards your home deposit!

Unlock the door to your first home with our £2,000 Cashback Mortgage! The £2,000 can also be put towards your home deposit!

Unlock the door to your first home with our £2,000 Cashback Mortgage! The £2,000 can also be put towards your home deposit!

Variable Discount for Term (with LPA/CPA)

Mortgage Calculator

This shows what you'll pay each month during your initial deal period. It doesn't consider any charges or fees if you decide to make any changes to your mortgage. Please note this is only an estimate.

Variable Discount for Term (with LPA/CPA)

Initial Pay Rate

6.04%

Loan to Value

50%

APRC

6.1%

Fees

£250

Product Code

MDS209

Information

Early Repayment Charge: No

Incentives: No

Things you need to know

Initial Pay Rate

6.04% Initial Pay Rate for term which represents a 2.45% discount off our Standard Variable Rate (SVR) currently (8.49%).

Repayment Basis

Interest Only.

Fees

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.

Age/Term

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.

Lasting Power of Attorney (LPA)

An LPA must be in place to be eligible for this product (In Scotland Continuing Power of Attorney).

Minimum Interest Rate

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


Incentives

None.

Loan Size

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

Maximum Loan to Value

Purchase 50%.
Remortgage 50%.

Lasting Power of Attorney (LPA)

An LPA must be in place to be eligible for this product (‘Continuing Power of Attorney’ in Scotland)

Property Location

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

Availability

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

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 6.04% for 25 years would require 300 monthly payments of £283.25. The total amount payable would be £141,810.25 made up of the loan amount plus interest (£84,975.25), an Application fee of £250, Valuation fee of £275 and a Funds transfer fee of £35.


The overall cost for comparison is 6.1% 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.

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

Mortgage Enquiry

Call us on 01782 255000 or complete the form below and a member of our team will be in touch

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