A unique solution enabling children to support their parents to remain in their home when their existing Interest Only mortgage needs to be repaid back.
A unique solution enabling children to support their parents to remain in their home when their existing Interest Only mortgage needs to be repaid back.
A mortgage loan of £102,024 (which includes a product fee of £999 and a funds transfer fee of £25) payable over 10 years, initially on a discount of 2.85% from our SVR, currently 5.64%, giving a pay rate of 2.79% for 36 months and then on our Standard Variable Rate, currently 5.64%, for the remaining period would require 36 payments of £975.29 and 84 payments of £1,073.26.
There is a collar of 2.79% on this product which means the rate during the discount period will not go below that rate.The total amount payable would be £125,922.28 made up of the loan amount plus interest of £23,240.28 plus a valuation fee of £310, legal fees to your solicitor of £248, and exit fee of £100.
The overall cost for comparison is 4.3% APRC representative.
Other charges may be made in respect of mortgage services. See our Fees Guide for details.
This product accepts our standard credit criteria click here for details
Have at least one of the borrower's to be residing in the property.
It is recommended that all applicants take advice about the tax implications of the way the mortgage finance and property ownership will be structured.
Children supporting their parents mortgage will be jointly and individually liable for the mortgage along with occupiers.
Up to a maximum of 4 applicants per application allowed.
The Society will purchase a Higher Lending insurance to provide additional security where the amount of the loan exceeds 80% of the valuation of the property.
Early Repayment Charges as detailed below are payable on any lump sum or full redemption repaid over 10% of the capital balance.
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.
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
This mortgage is available on a capital and interest repayment basis or up to 60% LTV on interest only with a suitable repayment vehicle. Payments must be made monthly by direct debit.
The minimum age is 18 for all applicants. There is no maximum age. Earned income considered up to age 75. Cases are considered on individual circumstances.
Minimum loan size £25,000.
Maximum loan size £500,000 up to 90% LTV
The maximum mortgage term is 40 years dependent on individual circumstances.
These products are portable, meaning that if the applicant moves home they can take it with them, subject to our lending criteria at the time
Interest is calculated daily on the balance outstanding and added to the account the following month.
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