Later Life 1 – 5 Year Discount 60% Remortgage

Maximum Loan to Value (LTV) 60% LTV
Initial Variable Interest Rate 2.84% (2.90% discount from our Standard Variable Rate for 5 years. The discount is subject to a minimum interest rate “floor” of 2.00%)
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 4.8% APRC
Interest Calculated Daily
Age Minimum – 18 years
Maximum – No maximum age
Term Minimum – 5 years
Maximum – 40 years
Minimum Loan £50,000
Maximum Loan £1,000,000

(Maximum Loan amounts vary by LTV, please refer to our current criteria for details)

This product is available when any of the applicants will be aged 70 or over at the end of their mortgage term.

Not available to those customers who meet the Credit Renew criteria.

Available for re-mortgages with a mortgage of up to 60% 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.

Legal Fee Contribution The Society will contribute £185 towards legal costs.
Application Fee
There is no Application Fee payable for this product.
Scheme Fee £999 (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. Please refer to your mortgage broker for details.
Early Repayment Charge 2.90% of the redemption balance for 5 years.
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.
Insurance Buildings insurance is compulsory in all instances.
Representative Example: The following is a representative example based on a mortgage of £157,152.00 payable over 25 years initially on a discounted variable rate of 2.84% for 5 years followed by our Standard Variable Rate of 5.74%. In this example you would make an initial payment of £879.03 then 59 monthly payments of £732.30 followed by 240 monthly payments of £940.60.

The total amount payable would be £271,506.73 made up of the loan amount plus interest of £112,676.73, a release of funds fee (£25.00), Mortgage Exit Administration Fee (£75.00), a Scheme Fee (£999.00), a Separate Representation Fee (£354.00) and a Standard Valuation fee (£225.00).

The overall cost for comparison is 4.8% APRC representative.

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

This is a limited issue and the Society reserves the right to withdraw this scheme without notice at any time.