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Retirement Interest Only Fixed to 30/11/2029

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  • Summary Back Copy 2

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

    • Initial Rate, fixed to 30 November 2029

      5.49% fixed 

    • 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

      Charges will apply to any lump sum or full redemption paid over 10% of the capital balance
      5% up to 30/11/2025
      4% up to 30/11/2026
      3% up to 30/11/2027
      2% up to 30/11/2028
      1%  up to 30/11/2029

  • Representative Example Back Copy 2

    A mortgage loan of £192,375 payable over 40 years, initially on a fixed rate of 5.49% until 30/11/2029 and then on our Standard Variable Rate, currently 8.59%, for the remaining period would require 60 payments of £880.12 and 420 payments of £1,377.08.

    The total amount payable would be £824,667.80 made up of the loan amount plus interest of (£631,180.80), a product fee of (£499),a funds transfer fee of (£25), a valuation fee of (£340), legal fees to your solicitor of (£148) and exit fee of (£100).

    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)

    Early Repayment Charges as detailed below are payable on any lump sum or full redemption repaid over 10% of the capital balance.

    5% up to 30/11/2025
    4% up to 30/11/2026
    3% up to 30/11/2027
    2% up to 30/11/2028
    1%  up to 30/11/2029

    Overpayments

    During the early repayment charge period lump sum overpayments up to 10% of the capital balance per annum may be made without attracting an early repayment charge. Should the total of lump sum overpayments exceed 10% within this period, the excess will attract an early repayment charge.

    Once the early repayment charge period has ended overpayments can be made at any time.

    If an overpayment of £500 or more is made, we will 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

    The maximum term appliances. 

    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 fixed up to 60% LTV for remortgages and home purchases.

    • Initial Rate, fixed to 30 November 2029

      5.49% fixed 

    • 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

      Charges will apply to any lump sum or full redemption paid over 10% of the capital balance
      5% up to 30/11/2025
      4% up to 30/11/2026
      3% up to 30/11/2027
      2% up to 30/11/2028
      1%  up to 30/11/2029

  • A mortgage loan of £192,375 payable over 40 years, initially on a fixed rate of 5.49% until 30/11/2029 and then on our Standard Variable Rate, currently 8.59%, for the remaining period would require 60 payments of £880.12 and 420 payments of £1,377.08.

    The total amount payable would be £824,667.80 made up of the loan amount plus interest of (£631,180.80), a product fee of (£499),a funds transfer fee of (£25), a valuation fee of (£340), legal fees to your solicitor of (£148) and exit fee of (£100).

    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)

    Early Repayment Charges as detailed below are payable on any lump sum or full redemption repaid over 10% of the capital balance.

    5% up to 30/11/2025
    4% up to 30/11/2026
    3% up to 30/11/2027
    2% up to 30/11/2028
    1%  up to 30/11/2029

    Overpayments

    During the early repayment charge period lump sum overpayments up to 10% of the capital balance per annum may be made without attracting an early repayment charge. Should the total of lump sum overpayments exceed 10% within this period, the excess will attract an early repayment charge.

    Once the early repayment charge period has ended overpayments can be made at any time.

    If an overpayment of £500 or more is made, we will 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

    The maximum term appliances. 

    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.