Retirement interest only remortgage 2 year discount

Retirement interest only remortgage 2 year discount

Your client's must be aged 55 or over and receiving verifiable income. For joint applications, both applicants must be aged 55 or over and each must be able to individually satisfy affordability.

Your client can use the sale of their home as your repayment strategy provided they have a minimum of 40% equity in the property. Applications for capital raising purposes can be considered.

Where your client is buying their home in joint names they 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.

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: Your client will receive £250 cashback from the society towards their legal costs.

There is an arrangement fee of £999.00. This fee can be taken off the mortgage amount, or your client can add the fee to the amount borrowed. If they choose to add the arrangement fee to their mortgage they will pay interest on the fee at the same rate as their mortgage. If they choose to take the arrangement fee off the mortgage, this will be deducted from the amount they borrow and so, they will need to pay the arrangement fee to their solicitor at completion.

There is a minimum mortgage amount of £50,000.00.

This product has a maximum mortgage amount of £1,250,000.00.

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%.

The interest rate is floored which means that the rate cannot fall below 4.89%.

The minimum repayment term is 5 years and the maximum repayment term is 40 years. Maximum term will depend upon individual circumstances, for example applicant age and leasehold property restrictions.

Early Repayment Charges apply during the product term. Your client 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:

• 3% of the amount repaid until 28 February 2025; and
• 2% of the amount repaid until 28 February 2027.

The mortgage tariff of charges details the various fees and charges that may apply during the term of your client's mortgage. To view these, please click here.