3 year discount later life remortgage 75% LTV

Who's the product for?

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

With our standard later life products, affordability can be assessed in a number of ways:

1. If the term does not extend past age 79 (for males) or age 83 (for females), then our standard affordability assessment can be applied.
   Please note, if your client has an interest only application you will still need to meet our standard interest only criteria in terms of repayment vehicles.
2. Where the term extends past these ages if both applicants are retired but cannot prove affordability in sole name, applications will be considered where there is enough equity available to downsize to a two-bedroom flat/house within 5 miles of the mortgage property.

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.

YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Product related fees

There is an arrangement fee of £499. This fee can be paid up front by deducting the fee from the amount borrowed. Alternatively you can add the fee to the mortgage amount. 

If you add the fee to your mortgage you will pay interest on the fee at the same rate as your mortgage.

YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

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.

Fees assisted legals: We'll cover the costs of any standard legal fees involved. Any non-standard costs will be payable by your client. You'll be advised of any non-standard costs should any apply. If your client chooses to use our own conveyancers they'll only act for us and not for the customer during the remortgage transaction. If your client needs to add or remove a name on the mortgage they must appoint their own solicitors, and they'll receive £250 cashback towards their costs.

YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Mortgage amounts

There is a minimum mortgage amount of £100,000 and a maximum mortgage amount of £500,000.

There is a minimum property value of £75,000 increasing to £250,000 for properties located within the M25 corridor.

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

YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Interest rate floor

Your clients interest rate is floored and therefore cannot reduce below 2.24%.

YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Mortgage repayment terms

Your client can repay their mortgage over a minimum of 5 years, or a maximum of 35 years.

YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Early Repayment Charges

Early Repayment Charges apply during the product term. Up to 10% of the original mortgage amount can be overpaid each year without charge, however, if the mortgage is redeemed or switched to another product during the product term, then the Early Repayment Charge will apply.

The Early Repayment Charge will be calculated at:

• 3% of the amount repaid during year 1;
• 2% of the amount repaid during year 2; and
• 1% of the amount repaid during year 3.

YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.