Our Retirement mortgages are aimed to meet the unique needs of older borrowers that are either looking to release equity or move home. 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

3.95% which includes a 1.25% discount from our standard variable rate for 5 years followed by our standard variable rate for the remainder of the term, currently 5.20%.



Early Repayment Charge



No arrangement fee is payable.

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.


To qualify for this discounted product the borrower must have a 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 £52,550 payable over 35 years on an initial rate of 3.95% which includes a 1.25% discount from our standard variable rate for 5 years and then on our standard variable rate, currently 5.20%, for the remaining 30 years would require 60 monthly interest payments of £172.98  and 360 monthly interest payments of £227.72.

The total amount payable would be £145,533 made up of the loan amount plus interest (£92,358) and valuation fee (£205), solicitor fees (£250), Funds Transfer Fee (£15) and a Mortgage Exit Fee (£155).

The overall cost for comparison is 5.0% APRC representative.

Head office:

Vernon Building Society
19 St Petersgate

Tel: 0161 429 6262
Fax: 0161 477 3303
Email: info@thevernon.co.uk

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 www.fscs.org.uk

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  www.moneyadviceservice.org.uk

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