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Our Retirement mortgages are aimed to meet the unique needs of older borrowers that are either looking to release equity or move home. Instead of having a fixed end date, if necessary the amount borrowed can be paid back from the sale of the property when the borrower dies or moves into alternative accommodation such as long term care. During the term of the mortgage the borrower is responsible for meeting the monthly payments which can be interest only or capital & interest repayment.

Important Things to Consider

Frequently Asked Questions

Initial Rate

3.49% which includes a 1.71% discount from our standard variable rate for 3 years followed by our standard variable rate for the remainder of the term, currently 5.20%.


Early Repayment Charge

A full or partial capital repayment, which exceeds 10% of the capital balance amount in any one year during the discount period, will attract an early repayment charge of 3% on the excess payment in the first two years followed by 2% in the third year.


A £499 arrangement fee applies. This can be added to the loan on completion however this will result in interest being charged on it making the overall fee greater over the term of the mortgage.

A valuation fee is payable. This amount varies depending upon the value of the property. Click here for our latest valuation fee scale.

For a comprehensive list of other fees and charges that may apply to you as a mortgage customer, click here.


Minimum age of applicant: 55
Minimum term: 5 years
Minimum loan size: £25,000
Property location: England & Wales
To qualify for this discounted product the borrower must have a Property and Financial Affairs Lasting Power of Attorney (LPA) registered with the Office of the Public Guardian. If you don’t have this then we have another product available with a reduced discount.

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Representative Example

A mortgage of £50,000 payable over 20 years on an initial rate of 3.49% which includes a 1.71% discount from our standard variable rate for 3 years followed by our standard variable rate, currently 5.20%, for the remaining 17 years would require 36 monthly payments of £145.42 and 204 monthly payments of £216.67.

The total amount payable would be £100,639.80 made up of the loan amount plus interest (£49,435.80), arrangement fee (£499), valuation fee (£285), Solicitor fee (£250), funds transfer fee (£15) and a Mortgage Exit Fee (£155).

The overall cost for comparison is 5.1% APRC representative.
Vernon Building Society
19 St Petersgate

Tel: 0161 429 6262

Telephone calls are recorded and may be monitored for regulatory and training purposes to help maintain service quality.

*The 'AER' stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.


Vernon Building Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority (registration number 195475).  You can check this on the Financial Services Register. We are also a participant of the Financial Services Compensation Scheme (FSCS). Details of the scheme can be obtained from

Telephone calls are recorded and may be monitored for regulatory and training purposes to help maintain service quality.

For independent information about financial products and services visit