5 year fixed later life lending

Fixed until 31/10/2025

Early Repayment Charges apply.

This product may be withdrawn at any time.

 
arrangement fee
This can be paid up-front or added to the mortgage. Bear in mind that if you add the fee to your mortgage, you'll pay interest on it at the same rate as your mortgage and as a result will pay more interest over the term of your mortgage.
£499
booking fee
This fee must be paid when you apply for your mortgage.
no fee
initial rate
3.15% fixed rate until 31 October 2025
3.15%
followed by our SVR
Our Standard Variable Rate (or SVR) reflects our cost of lending using a number of factors, including the Bank of England Base Rate. As the SVR is a variable rate it can change at any time.
4.94%
the overall cost for comparison is 4.2% APRC
 

Product key features

Who's the product for?

You must be aged 55 or over and receiving verifiable pension income. For joint applications, both of you must be aged 55 or over and each of you must be able to individually satisfy affordability.

Where you are buying your home in joint names you must demonstrate the mortgage is affordable should either borrower die. This can be established either by a transfer of pension rights, a specific life policy to clear the mortgage balance or any joint investments.

Lending on retirement properties

And if you’re looking to purchase a purpose built retirement property, we can help. Our later life lending range allows you to buy your retirement home and again, there’s no upper age limit.

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.

YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

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 you add the arrangement fee to your mortgage, you will pay interest on the fee at the same rate as your mortgage.

YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Mortgage amounts

The minimum mortgage amount of £50,000 and the maximum amount we will lend is £500,000.

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 is 75% 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 and the maximum term is 35 years.

YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

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:

  • 6% of the amount repaid until 31/10/2020;
  • 5% of the amount repaid until 31/10/2021;
  • 4% of the amount repaid until 31/10/2022;
  • 3% of the amount repaid until 31/10/2023;
  • 2% of the amount repaid until 31/10/2024; and
  • 1% of the amount repaid until 31/10/2025.

YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Mortgage tariff of charges

The mortgage tariff of charges details the various fees and charges that may apply during the term of your mortgage.

YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Representative example

A mortgage of £100,000 payable over 21 years on a fixed rate of 3.15% until 31 October 2025 and then our SVR, currently 4.94%, for the remaining term would require an initial payment of £554.32 followed by 61 monthly payments of £545.65 and 190 monthly payments of £619.52.

The total amount payable would be £151,847.77 made up of the mortgage amount plus interest (£51,547.77) with a £499 arrangement fee, legal fees of £150, a telegraphic transfer fee of £25 and mortgage exit fees of £125.

The overall cost for comparison is 4.2% APRC representative.

YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Zoe, from our mortgage team is happy to help 0121 557 2551* Contact Us
Our lines are open:
Monday - Tuesday09:00 - 17:00
Wednesday09:30 - 17:00
Thursday - Friday09:00 - 17:00
Saturday09:00 - 12:00
SundayClosed
*Calls from landlines are charged at the standard rate. Calls from mobiles may vary.

We're here to help

  • Discuss affordability
  • Help you understand our criteria
  • Find the best mortgage for you
  • Answer any outstanding queries
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Your home may be repossessed if you do not keep up repayments on your mortgage.