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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
3.04% discount from our SVR for the whole of the mortgage term
2.3%
the overall cost for comparison is 3.3% APRC

Discounted for term . Early Repayment Charges apply. . This product may be withdrawn at any time.

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Product key features

  • Who's the product for?
  • Product related fees
  • Product incentives
  • Mortgage amounts
  • Interest rate floor
  • Mortgage repayment terms
  • Early Repayment Charges
  • Representative example
Who's the product for?

Affordability can be assessed using earned income up to retirement age. Once you reach retirement, affordability for the remainder of the term will be calculated using verifiable income from a pension or other sustainable source, such as investments or rental income.

With our lending into retirement products, affordability can be assessed in a number of ways:

  1. If the term does not extend past age 79 (for males) or age 83 (for females), then our standard affordability assessment can be applied.
    Please note, if you have an interest only application you will still need to meet our standard interest only criteria in terms of repayment vehicles.
  2. Where the term extends past these ages if both applicants are retired but cannot prove affordability in sole name, applications will be considered where there is enough equity available to downsize to a two-bedroom flat/house within 5 miles of the mortgage property.

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 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 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.

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.

Fees assisted legals: You have the choice of choosing our own solicitors, where we'll cover the cost of any standard legal fees, or receiving £250 cashback towards your own solicitor's costs. You'll be advised of any non-standard costs that will apply. If you choose to use our solicitors, they'll only act for us and won't provide you with independent advice regarding the mortgage transaction.

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.

Interest rate floor

The interest rate is floored and cannot fall below 2.30%.

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 for the first two years of the term without charge. If the mortgage is redeemed or switched to another product during the discount rate product term then an Early Repayment Charge will apply.

The Early Repayment Charge will be calculated at:

  • 2% of the amount repaid during year 1; and
  • 1% of the amount repaid during year 2.

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

Representative example

A mortgage of £225,000 payable over 30 years on a discounted variable rate for the term of the mortgage, currently 2.30% (equal to a 3.04% discount from our SVR, currently 5.34%) would require an initial payment of £1,003.30 and 299 monthly payments of £989.06.

The total amount payable would be £296,882.24 made up of the mortgage amount plus interest (£71,732.24), with an arrangement fee of £499, a telegraphic transfer fee of £25 and mortgage exit fees of £125.

The overall cost for comparison is 3.3% APRC representative.

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

Helping you borrow in retirement

tools and guides
FAQs
  • Do you credit score mortgage applications?

    We don't operate a computer credit score system, each application is reviewed individually by a real person. At enquiry stage we will complete a credit check and once a full application is submitted we will carry out a full credit application that will leave a footprint on your credit file.

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  • Can I make overpayments on my mortgage?

    If your mortgage is with us, you can make a mortgage overpayment by cheque, or electronically by BACS transfer. If you need more information, please call us on 0121 557 2551 or complete our online contact us form.

    What is a mortgage overpayment?
    A mortgage overpayment is where you choose to pay back more than your committed monthly repayments. This can be as and when you wish, or a regular overpayment.

    Can I make mortgage overpayments?
    You should check your mortgage product terms and conditions before you make an overpayment. Many mortgages will have Early Repayment Charges. This means that the lender will limit the amount you are able to overpay, if you exceed this limit you may incur Early Repayment Charges.

    Benefits of mortgage overpayments
    Making overpayments can help to reduce the amount of interest you pay back on your mortgage. It can also help you to pay your mortgage off sooner, so become mortgage free quicker!

    While you can do this by reducing your mortgage term, an overpayment is not a set commitment, meaning that if you decide you wish to just pay your normal monthly repayment for a period, this is ok. However, if you lower your mortgage term the higher monthly repayment will be a commitment and must be paid regardless.

    Calculating a mortgage overpayment
    If you would like to know how much you can overpay on your mortgage, you can call your mortgage lender for an exact calculation.

    However, if you wish to work this out yourself, you will need information regarding the fee structuring. For example, if you are able to overpay 10% of the amount owed each year, you will need to multiply the amount you owe by 0.1.

    Examples of mortgage overpayments
    Examples of calculating your mortgage overpayment are below:

    You owe £100,000, you are able to overpay 10%. £100,000 x 0.1 = £10,000
    You owe £100,000, you are able to overpay 5%. £100,000 x 0.05 = £5,000

    You owe £250,000, you are able to overpay 10%. £250,000 x 0.1 = £25,000
    You owe £250,000, you are able to overpay 5%. £250,000 x 0.05 = £12,500

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  • What are your age limits?

    The minimum age for a mortgage applicant is 18 years. 

    If you are employed or self-employed, standard underwriting will apply where the mortgage term does not extend beyond the state pension date of the highest earning applicant.

    We can consider applications where the term will extend beyond the state pension date of the highest earner or where all applicants are already retired and in receipt of pension income however we will require additional criteria to be satisfied.

    For more detail you should speak with one of our Mortgage Advisers. Please call 0121 557 2551 or visit one of our branches to book an appointment or complete our online form.

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We're here to help

  • Discuss affordability
  • Help you understand our criteria
  • Find the best mortgage for you
  • Answer any outstanding queries
contact us
Laurence, our Mortgage Adviser is here to help 0121 557 2551*
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.

Your home may be repossessed if you do not keep up repayments on your mortgage.