3 year discount retirement purchase 75% LTV [OBD12]
Discounted until 31/07/2020.
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This product may be withdrawn at any time.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.
There is a minimum mortgage amount of £50,000.
This product has a maximum mortgage amount of £450,000.
The minimum property value is £75,000, this increases to £250,000 for properties that are located within the M25 corridor.
The maximum loan to value is 75%.
Interest rate floor
Your clients interest rate cannot fall below 2.28%.
Mortgage repayment terms
Your clients mortgage term must be a minimum of 5 years and a maximum of 35 years.
Early Repayment Charges
Your client can make overpayments up to 10% of the original mortgage amount each year. Any payments taking them over this allowance, including redeeming or switching will be subject to an Early Repayment Charge.
The Early Repayment Charge will be as below:
- 3% of the amount repaid until 31/07/2018;
- 2% of the amount repaid until 31/07/2019; and
- 1% of the amount repaid until 31/07/2020.
Happy to help
- Understand our affordability criteria
- Answer any queries
- Process your decision in principle
- Discuss our lending criteria
Your home may be repossessed if you do not keep up repayments on your mortgage.