3 year fixed rate retirement interest only

Who's the product for?

You must be aged 55 or over and receiving verifiable income such as a salary, self-employed income and/or pension income. Benefit income can be considered, but must not be the only source of income.

You can use the sale of your home as your repayment strategy, if you have a minimum of 40% equity in the property. Alternatively, if the mortgage is affordable in sole name, this will be accepted. If you are moving an existing mortgage to us from another lender, we will consider applications where you wish to borrow more than you currently owe.

For joint applications, you must be able to prove the mortgage is affordable in the event that either borrower passes away. You can do this by either a transfer of pension rights, or specific life policy to clear the mortgage balance of any join investments.

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.

Product related fees

There is an arrangement fee of £999. This fee can be taken off the mortgage amount, or you can add the fee to the amount you borrow. If you choose to add the arrangement fee to your mortgage you will pay interest on the fee at the same rate as your mortgage. If you choose to take the arrangement fee off the mortgage, this will be deducted from the amount you borrow and so, you will need to pay the arrangement fee to your solicitor at completion.

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

Mortgage amounts

There is a minimum mortgage amount of £50,000.

This product has a maximum amount of £1,000,000.

We have a minimum property value of £100,000 which increases to £250,000 for properties located within the M25 corridor.

The maximum loan to value is 60%.

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. 

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. You can overpay up to 10% of the original mortgage amount each calendar year without charge. However, if the overpayment exceeds 10%, the mortgage is repaid in full, or switched to another product before the end of the product term then the full amount of the Early Repayment Charge will apply.

The Early Repayment Charge will be calculated at:

• 4% of the amount repaid until 29 February 2024;
• 3% of the amount repaid until 28 February 2025;
• 2% of the amount repaid until 28 February 2026; and 
• 1% of the amount repaid until 28 February 2027.

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. To view these, please click here.

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

Representative example

The mortgage term used below is for illustration purposes only. This is an interest only mortgage with no defined term.

A mortgage of £175,000 payable over 20 years initially on a fixed rate until 28 February 2027, currently 5.89% and then our SVR, currently 8.59%, for the remaining term would require an initial payment of £1,278.31 followed by 37 monthly payments of £1,249.77 and 202 monthly payments of £1,499.25

The total amount payable would be £351,043.30 made up of the mortgage amount plus interest (£175,368.30) with a mortgage arrangement fee of £999, a mortgage valuation fee of £375, legal fees of £150, a telegraphic transfer fee of £25 and mortgage exit fees of £125.

The overall cost for comparison is 7.9% APRC representative.

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