5 year fixed later life lending 75% LTV remortgage [ROBF04]

Fixed until 30/04/2024

Early Repayment Charges apply.

This product may be withdrawn at any time.

 
arrangement fee
This fee can be paid upfront or added to the mortgage amount. If the fee is added to the mortgage then interest will be payable on the fee at the same rate as the mortgage.
£499
booking fee
This fee must be paid on application. We are unable to accept payment of the fee by credit card.
no fee
initial rate
3.49% fixed until 30 April 2024
3.49%
followed by our SVR 5.24%
The overall cost for comparison is 4.5% APRC
 

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.

Mortgage amounts

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.

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:

  • 5% of the amount repaid until 30/04/2020;
  • 4% of the amount repaid until 30/04/2021;
  • 3% of the amount repaid until 30/04/2022;
  • 2% of the amount repaid until 30/04/2023;
  • 1% of the amount repaid until 30/04/2024;
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.

Alex is here to make lending easy 0121 521 4045* Getting in touch
Our lines are open:
Monday - Friday9:00 - 17:00
Saturday - SundayClosed
*Calls from landlines are charged at the standard rate. Calls from mobiles may vary.

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.