2 year discount retirement purchase 60% LTV [OBD09]
Discounted until 31/07/2019.
Early Repayment Charges apply.
This product may be withdrawn at any time.
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.
Product related fees
There is an arrangement fee of £999 that can be deducted from the mortgage amount or added to the amount borrowed.
There is a minimum mortgage amount of £50,000.
This product has a maximum mortgage amount of £450,000.
There is a minimum property value of £75,000 which increases to £250,000 for properties located within the M25 corridor.
The maximum loan to value is 60% of the purchase price or valuation, whichever is lower.
Interest rate floor
The interest rate is floored and cannot fall below 1.98%.
Mortgage repayment terms
The minimum repayment term is 5 years and the maximum repayment term is 35 years.
Early Repayment Charges
Up to 10% of the original mortgage amount can be repaid each year without charge. If the mortgage is redeemed or switched to another product during the discount rate product term then an Early Repayment Charge will apply.
The Early Repayment Charge will be calculated at:
- 2% of the amount repaid until 31/07/2018; and
- 1% of the amount repaid until 31/07/2019.
We're here to help
- Discuss affordability
- Help you understand our criteria
- Process your decision in principle request
- Answer any outstanding queries
Your home may be repossessed if you do not keep up repayments on your mortgage.