3 year discount retirement remortgage 60% LTV [ROBD05]
Discounted until 31/07/2020.
Early Repayment Charges apply.
This product may be withdrawn at any time.
Things you should know
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.
Product related fees
There is an arrangement fee of £999. This fee can be paid up front by deducting the fee from the amount borrowed, or alternatively adding the fee to the mortgage amount.
Free standard valuation: We will cover the cost of one standard mortgage valuation.
Free standard legal fees: Your client has the choice of choosing our own solicitors, where we will cover the standard legal fees, or receiving £150 cashback towards their own solicitor's costs. They will be advised of any non-standard costs that may be applicable. If your client chooses to use our solicitors, they will only act for us and will not provide them with independent advice regarding the mortgage transaction.
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 60%.
Interest rate floor
Your clients interest rate is floored and therefore cannot reduce below 2.18%.
Mortgage repayment terms
Your client can repay their mortgage over a minimum of 5 years, or a maximum of 35 years.
Early Repayment Charges
We allow your client to overpay 10% of the original mortgage amount each year without charge. If they switch products or redeem during the product term they will be subject to the full Early Repayment Charge
The Early Repayment Charge will be:
- 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.
Here to help
- Discuss affordability
- Help you understand our criteria restrictions
- Answer your queries
- Process your decision in principle
Your home may be repossessed if you do not keep up repayments on your mortgage.