2 year discount retirement purchase 75% LTV [OBD14]

Discounted until 30/11/2019.

Early Repayment Charges apply.

This product may be withdrawn at any time.

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arrangement fee
This fee can be paid upfront or added to the mortgage amount. If the fee is added to the mortgage then interest will be payable on the fee at the same rate as the mortgage.
no fee
booking fee
This fee must be paid on application. We are unable to accept payment of the fee by credit card.
no fee
initial rate
2.76% discount from our SVR until 30 November 2019.
1.98%
followed by our SVR 4.74%
The overall cost for comparison is 4.1% APRC
 

Product key features

Who's the product for?

Where your client is in receipt of private or company pension we will consider applications up to the 85th 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 1.98%.

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:

  • 2% of the amount repaid until 30/11/2018; then
  • 1% of the amount repaid until 30/11/2019.
Our Head of Mortgage Sales, Richard is happy to help 0121 521 4045* Getting in touch
Our lines are open:
Monday - Friday9:00 - 17:00
Saturday - SundayClosed
*Calls from landlines are charged at the standard rate. Calls from mobiles may vary.

Need to speak to us?

  • Help with your decision in principle
  • Answer any queries
  • Discuss our lending criteria
  • Talk you through our affordability criteria

Your home may be repossessed if you do not keep up repayments on your mortgage.