55+ Retirement Mortgage | DSR051
Our discount rate 55+ Retirement mortgage is available up to 60% LTV on repayment or interest only. This product is available to those looking to purchase a home or remortgage. The minimum loan size permitted on this mortgage is £30,000 and the maximum loan size permitted is £750,000.
Mortgage rates correct as of 14 February 2022
A mortgage of £269,000 with the arrangement fee of £998 added payable over 10 years initially on a discounted variable rate for 3 years and 11 months at 1.89%, then our follow-on discount rate of 4.50% for 1 year and finally our Standard Variable Rate (SVR) currently 5.70% for 5 years and 1 month, would require 1 payment of £691.31, 46 payments of £425.25, 12 payments of £1,012.62 and 60 payments of £1,282.65. The total amount payable would be £379,536.25 which is made up of the loan amount plus interest of £109,363.25 and the following costs: Arrangement Fee of £998, Closure Fee of £150 and Telegraphic Transfer Fee of £25.
The overall cost for comparison is 4.0% APRC.