Variable Discount for Term (with LPA/CPA)
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
Information
Early Replayment Charge: No
Incentives: No
Things you need to know
6.04% Initial Pay Rate for term which represents a 2.45% 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.
An LPA must be in place to be eligible for this product (In Scotland Continuing Power of Attorney).
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%.
An LPA must be in place to be eligible for this product (‘Continuing Power of Attorney’ in Scotland)
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 6.04% 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.
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.
Mortgage Enquiry
Call us on 01782 255000 or complete the form below and a member of our team will be in touch