Retirement Mortgages

We assess each application on it's own merits to find the perfect fit

Why the Vernon?

Our personal service and individual approach differentiates us from many other financial institutions. People choose the Vernon for many reasons; here are a few:

Face-to-face Advice

Members value face to face advice and that’s why we continue to invest in our branch network. We have qualified mortgage advisers available at every branch.

Local

With almost a century of local knowledge, we fully understand the unique needs of a community that is at the heart of everything we do.

Human Underwriter

Common sense decisions by experienced underwriters, not computers. We understand life can sometimes be complicated.

Help Throughout

We offer a knowledgeable and experienced approach with a single point of contact - no call centres. Our people have on average over 10 years’ service with the Vernon.

Lasting Relationships

Founded in 1924, the Vernon has served generations of members. From our younger savers accounts, to retirement mortgages; the Vernon is here for you, for life.

Retirement Mortgages

Product Name
Initial Rate
Subsequent Rate (SVR)
The overall cost for comparison
Incentives
Maximum loan to value (LTV)
Fees
Early repayment charge
 
Retirement Mortgage
For already retired borrowers
Initial Rate
4.20%
Subsequent Rate (SVR)
4.70%
The overall cost for comparison
4.7% APRC
Incentives
None
Maximum loan to value (LTV)
50%
Fees
No arrangement fee
Early repayment charge
None
Full details
Retirement Mortgage with LPA
For already retired borrowers
Initial Rate
3.45%
Subsequent Rate (SVR)
4.70%
The overall cost for comparison
4.5% APRC
Incentives
None
Maximum loan to value (LTV)
50%
Fees
No arrangement fee
Early repayment charge
None
Full details

Representative example

A mortgage of £47,000 payable over 30 years on an initial rate of 4.20% which includes a 0.50% discount from our standard variable rate for 5 years and then on our standard variable rate, currently 4.70%, for the remaining 25 years would require 60 monthly interest payments of £164.50 and 300 monthly interest payments of £184.08.

The total amount payable would be £112,824.00 made up of the loan amount plus interest (£65,094) and valuation fee (£310), solicitor fees (£250), Funds Transfer Fee (£15) and a Mortgage Exit Fee (£155).

The overall cost for comparison is 4.7% APRC representative.

Your home may be repossessed if you do not keep up repayments

Need advice on mortgages?

We aim to make applying for your mortgage as stress free and easy to understand as possible by helping you with your mortgage choices and application. Start a conversation with us today...

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