Charles Derby Mortgage Bureau"Thank you for your help and assistance in this case, it takes me back to the good old days of everything being manually underwritten."Peter Matthews
3 year fixed later life lending 75% LTV remortgage [RONF01]
Fixed until 31/01/2023
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This product may be withdrawn at any time.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'll 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 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%.
Product related fees
There is an arrangement fee of £499 that can be deducted from the mortgage amount or added to the amount borrowed.
If your client adds the fee to their mortgage, they will pay interest on the fee at the same rate as their mortgage
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 repayment terms
A minimum mortgage term of 5 years applies. There is also a maximum term 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 fixed rate term then an Early Repayment Charge will apply.
The Early Repayment Charge will be:
- 4% of the amount repaid until 31/01/2020;
- 3% of the amount repaid until 31/01/2021;
- 2% of the amount repaid until 31/01/2022;
- 1% of the amount repaid until 31/01/2023;
Always happy 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.