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.

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 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 £150 cashback towards their costs.

Mortgage amounts

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

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%.

Interest rate floor

Your clients interest rate is floored and therefore cannot reduce below 2.54%.

Mortgage repayment terms

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

Early Repayment Charges

Up to 10% of the original mortgage amount can be overpaid 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:

• 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.

Product related fees

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