Our Older Borrower products work just like a conventional mortgage, however they’re designed to support your later life clients looking to borrow during their retirement. We offer repayment and interest only products, with the opportunity for your client to use downsizing as a repayment vehicle.
Last updated 27 August 2021.
The Stamp Duty incentive was extended until 30 June 2021. This meant that clients could complete their purchase of a property up to the value of £500,000 without paying Stamp Duty.
To smooth the transition back to the normal threshold, the nil rate band now applies to properties up to the value of £250,000 until 30 September 2021 before returning to £125,000 on 1 October 2021.
Your client needs to ensure there is sufficient time for their conveyancer to complete all the legal work required to enable their mortgage application to complete before the threshold change.
It is in their own interest to instruct their conveyancer at the earliest opportunity so that they are in the best position to meet this deadline. Please note that any costs incurred for starting the legal process early will need to be met by your client if the case does not progress to completion.
It is important to note that if their application does not complete by the date outlined above, they will be liable to pay any Stamp Duty related to their purchase.
- Available to those aged 55+
- Interest only or repayment up to 60% LTV
- Minimum loan size £30,000
- Maximum loan size £750,000
- Minimum property value £150,000
- Income based on pension income, earned income (refer if taken above age 75), property and investments
- Downsizing accepted as a repayment vehicle
Rates from 1.85 %
- DSR021 discount to 30.11.23
- 60% LTV
- No booking fee
- Arrangement fee: £998