3 year discount later life lending 75% LTV

Who's the product for?

Where your client is in receipt of private or company pension we'll consider applications up to the 85^th birthday of the oldest borrower, subject to a maximum 75% LTV. State pension will also be considered but only as a secondary income source.

Where the case is in joint names the clients must demonstrate the loan is affordable upon the death of either borrower. This can be established either by a transfer of pension rights or a specific life policy to clear the mortgage balance.

Independent legal advice must be taken by the non-borrower in all cases where the mortgage is to be in a single name and the property is occupied jointly.

Mortgage amounts

There is a minimum mortgage amount of £50,000 and a maximum mortgage amount of £450,000.

We have a minimum property value of £75,000 which increases to £250,000 for properties located within the M25 corridor.

The maximum loan to value for this product is 75%.

Interest rate floor

The interest rate is floored and cannot reduce below 2.54%.

Mortgage repayment terms

A minimum mortgage term of 5 years applies. There is also a maximum term of 35 years.

Early Repayment Charges

Your client can overpay up to 10% of the original mortgage amount each year without charge. If they switch products or redeem their mortgage during the product term they will be subject to the full Early Repayment Charge.

The Early Repayment Charge reduces each year as follows:

• 3% of the amount repaid during the first year;
• 2% of the amount repaid during the second year; then
• 1% of the amount repaid during the third year.

Product incentives

Free standard valuation: We'll cover the cost of one standard mortgage valuation on a property valued up to £400,000. Your client can choose to have a RICS Homebuyers Report, however they'll have to cover the difference in cost.

Product related fees

There is an arrangement fee of £499 that can be deducted from the mortgage amount or added to the amount borrowed.