This website uses cookies which are essential for it to function. Please accept or decline any non-essential cookies and see our Site Terms for full details and guidance.

Call: 01494 879500

Retirement Interest Only 5 Year Discount

Back
Find out more...
  • Summary Back Copy 2

    A Retirement Interest Only 5 year discount up to 60% LTV for remortgages and home purchases.

    • Initial Rate, a discount of 3.10% from our SVR for 5 years

      5.49% variable

    • Followed by our Standard Variable Rate (SVR) for the rest of the term

      8.59% variable

    • The overall cost for comparison is

      7.9% APRC

    • Maximum Loan to Value

      60% including fees

    • Application Fee

      None

    • Product Fee - may be added to the loan

      £499

    • Early Repayment Charge

      None

  • Representative Example Back Copy 2

    A mortgage of £150,000 payable over 40 years initially at a discount of 3.10% from our Standard Variable Rate, currently 8.59%, giving a pay rate of 5.49% for 5 years and then on our Standard Variable Rate, currently 8.59%, for the remaining period would require 60 payments of £686.25 and 420 payments of £1,073.75.

    There is a floor of 2.50% on this product which means the rate during the discount period will not go below that rate. The total amount payable would be £643,262.00 made up of the loan amount plus interest (£492,150.00), a valuation fee (£340), legal fees (£148), an exit fee (£100), a product fee (£499) and a funds transfer fee (£25).

    The overall cost for comparison is 7.9% APRC representative.

  • Further Information Back Copy 2

    Fees

    Valuation fees and solicitor fees may be payable
    Other charges may be made in respect of mortgage services
    See our fees guide for more details

    Acceptable Credit Criteria

    This product accepts our standard credit criteria click here for details

    Early Repayment Charge (ERC)

    No Early Repayment Charges apply.

    Overpayments

    Overpayments may be made at any time and interest will be recalculated from the day following receipt.
    If an overpayment of £500 or more is made, we'll recalculate the monthly payment the following month.

    Affordability

    You can check affordability through our calculator where we assess on affordability as an alternative to income multiples. Please note we will fully review bank statements and expenditure during the underwriting process. Click here to find out more

    Repayment

    This mortgage is available up to 60% LTV on interest only with sale of property strategy only. Payments must be made monthly by direct debit. 

    Age Limits

    The minimum age is 55 for all applicants. There is no maximum age. Cases are considered on individual circumstances.

    Loan Size

    Minimum loan size £25,000 
    Maximum loan size £750,000 up to 60% loan to value

    Mortgage Term

    No maximum term applies.

    Portability

    This product is portable, meaning that if the applicant moves home they can take it with them, subject to our lending criteria at the time.

    Interest

    Interest is calculated daily on the balance outstanding and added to the account the following month.

  • A Retirement Interest Only 5 year discount up to 60% LTV for remortgages and home purchases.

    • Initial Rate, a discount of 3.10% from our SVR for 5 years

      5.49% variable

    • Followed by our Standard Variable Rate (SVR) for the rest of the term

      8.59% variable

    • The overall cost for comparison is

      7.9% APRC

    • Maximum Loan to Value

      60% including fees

    • Application Fee

      None

    • Product Fee - may be added to the loan

      £499

    • Early Repayment Charge

      None

  • A mortgage of £150,000 payable over 40 years initially at a discount of 3.10% from our Standard Variable Rate, currently 8.59%, giving a pay rate of 5.49% for 5 years and then on our Standard Variable Rate, currently 8.59%, for the remaining period would require 60 payments of £686.25 and 420 payments of £1,073.75.

    There is a floor of 2.50% on this product which means the rate during the discount period will not go below that rate. The total amount payable would be £643,262.00 made up of the loan amount plus interest (£492,150.00), a valuation fee (£340), legal fees (£148), an exit fee (£100), a product fee (£499) and a funds transfer fee (£25).

    The overall cost for comparison is 7.9% APRC representative.

  • Fees

    Valuation fees and solicitor fees may be payable
    Other charges may be made in respect of mortgage services
    See our fees guide for more details

    Acceptable Credit Criteria

    This product accepts our standard credit criteria click here for details

    Early Repayment Charge (ERC)

    No Early Repayment Charges apply.

    Overpayments

    Overpayments may be made at any time and interest will be recalculated from the day following receipt.
    If an overpayment of £500 or more is made, we'll recalculate the monthly payment the following month.

    Affordability

    You can check affordability through our calculator where we assess on affordability as an alternative to income multiples. Please note we will fully review bank statements and expenditure during the underwriting process. Click here to find out more

    Repayment

    This mortgage is available up to 60% LTV on interest only with sale of property strategy only. Payments must be made monthly by direct debit. 

    Age Limits

    The minimum age is 55 for all applicants. There is no maximum age. Cases are considered on individual circumstances.

    Loan Size

    Minimum loan size £25,000 
    Maximum loan size £750,000 up to 60% loan to value

    Mortgage Term

    No maximum term applies.

    Portability

    This product is portable, meaning that if the applicant moves home they can take it with them, subject to our lending criteria at the time.

    Interest

    Interest is calculated daily on the balance outstanding and added to the account the following month.