arrangement fee
£999
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.
booking fee
no fee
This fee must be paid on application. We are unable to accept payment of the fee by credit card.
initial rate
3.2%
3.20% fixed to 31 May 2025
followed by our SVR
5.34%
The overall cost for comparison is
5.0%
APRC
Fixed until 31/05/2025 . Early Repayment Charges apply. . This product may be withdrawn at any time.
Product features
- Who's the product for?
- Product related fees
- Product incentives
- Mortgage amounts
- Mortgage repayment terms
- Early Repayment Charges
Who's the product for?
Your client must be aged 55 or over and receiving verifiable pension income. For joint applications, both of your clients must be aged 55 or over and each applicant must be able to individually satisfy affordability.
Your clients can use the sale of their home as their repayment strategy provided they have a minimum of 40% equity in their property. Up to 25% of the property value can be released for capital raising purposes.
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, a specific life policy to clear the mortgage balance or any joint investments.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
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. Alternatively your client can add the fee to the mortgage amount.
If your client chooses to add the fee to their mortgage, they will pay interest on the fee at the same rate as their 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 a standard valuation on a property valued up to £400,000. Properties valued over £400,000 will receive a contribution of £350 towards the cost.
Legal fees cashback: Clients must nominate their own solicitor but will receive £250 cashback from the society towards their legal fee costs.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Mortgage amounts
The minimum mortgage amount is £50,000.
The maximum mortgage amount is £1,000,000.
There's a minimum property value of £75,000 which increases to £250,000 for properties located within the M25 corridor.
The maximum loan to value is 60% of the purchase price or valuation, whichever is lower.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Mortgage repayment terms
The minimum repayment term is 5 years but there is no maximum repayment term.
The mortgage must be repaid following a life event, including:
- death of the sole borrower or the surviving borrower for joint mortgages;
- sole borrower or surviving borrower for joint mortgages entering long-term residential care; or
- sale of the property.
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:
- 4% of the amount repaid until 31 May 2022;
- 3% of the amount repaid until 31 May 2023;
- 2% of the amount repaid until 31 May 2024; and
- 1% of the amount repaid until 31 May 2025.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Helping your client borrow in retirement
tools and guides
FAQs
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- How do I submit business?
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We always recommend that you initially complete a decision in principle which will allow us to have a look over your case to see if your clients meet our lending criteria, and there's no need to register with us before submitting a decision in principle.
You can access our online form from our decision in principle page. Alternatively you can download a pdf form to complete, we will then require a scanned copy to be emailed to us at newbusiness@thetipton.co.uk. You are able to sign on behalf of your client at this stage.
Once we receive your completed decision in principle form, we aim to get back to you within 24 hours with an initial lending decision.
When you submit your request you'll need to provide your clients with a copy of our Privacy Notice. You can download a copy from our Privacy Notice page.
To submit an application using our online submission process you can visit our page here.
Please be aware that you will not be able to save a part completed form so all information must be entered in a single sitting.
At the end of the form ensure your electronic signature has been entered and click 'Finish' to send the application direct to your client for them to add their own electronic signature. The submission process will not be complete until your clients have signed the form. You will be able to save a copy of the form for your own records.
Electronic signatures will enable us to begin processing your application however we will require a completed Direct Debit form to be sent to us by post at our Tipton head office. We also need you to provide your clients with a copy of our Privacy Notice which can be downloaded from our Privacy Notice page.
Please note, all nominated solicitors must be registered on our Panel, which is managed by LMS. You can check this on our Current Approved Solicitor Panel page by clicking here.
When you're ready to submit an application with us, complete the form and scan a copy into us at newbusiness@thetipton.co.uk. If you send an electronic copy, we will require the original signed document to be posted to us to confirm your clients signatures on the application form.
Alternatively, you can post it back to us at our Tipton Head Office. When you submit your first application we will need you to send us a completed registration form. We can accept a signed, scanned copy to our newbusiness@thetipton.co.uk inbox.
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- Do you credit score?
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We don't credit score mortgage applications. All cases are underwritten on an individual basis by a real person. At decision in principle stage we'll complete a credit quotation and when a full application is submitted we'll carry out a full credit application that'll leave a footprint on your clients credit file.
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- What are your service levels?
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We aim to provide you with a lending decision within 24 hours of receipt of a completed decision in principle.
When we've received a fully packaged application we'll obtain any fees and instruct a valuation within one working day.
As we underwrite each case individually timeframes can change due to complexity and the amount of involvement needed in each case. Your mortgage Case Officer will give you more information when your application has been passed over to our Mortgage Processers.
On receipt of a fully packaged application we aim to get it to offer within 14 working days.
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- How do I register with you?
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Our registration process is simple. There's no need to pre-register if you're sending us a decision in principle. We'll require a completed registration form to accompany your first submitted mortgage application. You can complete and sign the form and then email a scanned copy to us at newbusiness@thetipton.co.uk.
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- What is your lending area?
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We lend on properties located across England and Wales. The minimum property valuation is £75,000. This increases to a minimum valuation of £250,000 if the property to be mortgaged is located within the M25 corridor.
We are unable to accept applications on properties located in Scotland, Northern Ireland or the Isle of Man.
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Always happy to help
- Talk you through affordability
- Help you understand our acceptable criteria
- Answer any queries
- Process your decision in principle
Faye is here to help you with your case
0121 521 4000*
Our lines are open:
*Calls from landlines are charged at the standard rate. Calls from mobiles may vary.
| Monday - Friday | 9:00 - 17:00 |
| Saturday - Sunday | Closed |
Your home may be repossessed if you do not keep up repayments on your mortgage.