55+ Retirement Mortgage | DSR056
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
Interest rate:
The variable rate for this mortgage is 1.59% until 30.06.24 (discount of 4.11%), it then has a follow-on rate of 4.50% to 30.06.27 before reverting to our SVR, currently 5.70%.
Booking fee:
£0
Arrangement fee:
£998
Portability:
You can take your variable rate with you if you move house
Early repayment
charge:
3% to 30.06.22
3% to 30.06.23
2% to 30.06.24
Overpayments:
Yes, up to 5% of the original loan per 12 month period
Basic valuation fee:
Free up to property value £500,000 thereafter charges apply
Legal fees:
Fee assisted remortgage legals
REPRESENTATIVE EXAMPLE
A mortgage of £269,000 with the arrangement fee of £998 added to the loan payable over 10 years initially on a discounted variable rate for 2 years and 4 months at 1.59%, then our follow-on discount rate of 4.50% for 3 years and finally our Standard Variable Rate (SVR) currently 5.70% for 8 months, would require 1 payment of £581.52, 27 payments of £357.75, 36 payments of £1,012.53 and 55 payments of £1,282.47. The total amount payable would be £387,400.70 which is made up of the loan amount plus interest of £117,227.70 and the following costs: Arrangement Fee of £998, Closure Fee of £150 and Telegraphic Transfer Fee of £25.
The overall cost for comparison is 4.3% APRC.