Later Life Lending 3 Year Fixed rate 80% LTV – fixed to 30.11.22

Maximum Loan to Value (LTV) 80% LTV
Initial Variable Interest Rate, currently: 3.28%  (Fixed until 30th November 2022).
Followed by our Standard Variable Rate thereafter, currently: 5.74% (The Society’s Standard Variable Rate is set by its Board of Directors)
The Overall Cost for Comparison is: 5.3% APRC
Interest Calculated: Daily

Minimum Age– 18 years
Maximum Age – No Maximum Age.

Minimum Term – Until 30th November 2022
Maximum Term – 40 years

Minimum Loan £50,000
Maximum Loan £1,000,000 subject to LTV

Not available to customers who meet the Credit Renew criteria.

This product is available when any of the applicants are either;

a) Aged 70 on application and/or

b) will be 70 or over at the end of their mortgage term.

Available for house purchases and re-mortgages with a mortgage of up to 80% LTV. The mortgage is secured against your home. Some property types and locations are not acceptable, for further information please speak to your mortgage advisor. With a discount variable product payments vary as interest rates change.

The following multiples apply:
 
For 1 or 2 Applicants Up to 4.49 x Total Income  

For 3 or 4 Applicants Up to 3.25 x Total Income

Our decision to lend will depend on whether the loan is affordable, which we will determine from an assessment of your income  and other financial commitments, alongside the impact of future interest rate increases. To get an idea of how much you may be able to afford please speak to your mortgage advisor.

Application Fee There is no application fee payable for this product.
Scheme Fee 0.75% of the advance (can be added to the loan, subject to LTV, or paid on completion. Fees added to the loan will accrue interest. Further details are available on application).
Mortgage Exit Administration Fee £75 (paid on redemption).
Valuation Fee Paid directly to valuer by the applicant – see Valuation Fee Scale for details. A standard mortgage valuation is required on all properties.
Procuration Fee A Procuration Fee will be paid by the Society upon completion of the mortgage.
Early Repayment Charge 2.46% of the redemption balance to 30th November 2022.
Overpayments The Society will allow overpayments of up to 10% of the capital balance per annum without invoking an early repayment charge.
Portability You can keep this mortgage should you move to a new property. This mortgage is portable subject to your status meeting our criteria.
Representative Example The following is a representative example based on a mortgage of £167,091.00 payable over 25 years initially on a fixed rate of 3.28% until 30/11/2022 followed by our Standard Variable Rate of 5.74%. In this example you would make an initial payment of £1,102.29 then 35 monthly payments of £817.00 followed by 264 monthly payments of £1,025.00.

The total amount payable would be £302,180.47 made up of the loan amount plus interest of £133,206.29, Mortgage Exit Administration Fee (£75.00), Chaps Fee (£25.00), Scheme Fee (£1,253.18), Separate Representative Fee (£330.00) and Valuation Fee (£200.00).

The overall cost for comparison is 5.3% APRC representative. 

Note: What you will pay may vary from this and will depend on your personal circumstances.