5.45% fixed until 31.05.2027.

Our Standard Variable Rate* for the remainder of the term, currently 7.95%.

7.8% APRC

Fees

Mortgage exit fee - £100 (payable when the mortgage is fully repaid)

Standard Valuation Fee – (Amount varies dependent on the property value)

Incentives

None.

A full or partial capital repayment, which exceeds 10% of the capital balance amount in any one year during the fixed period, will attract an early repayment charge of:

2% until 31.05.2027

This will not be charged if the sale of the property and repayment of the mortgage is related to the death of the borrower, or if a joint mortgage, the death of the final surviving borrower.

Purchase or remortgage

Interest-Only.

50%

Minimum £50,000 – Maximum £500,000

Age Restrictions

There is no maximum age, but all borrowers must be at least 55 at date of application, be retired or planning to retire in the next 5 years.

Term

This mortgage does not have a specified mortgage term. We will only require full repayment within 6 months of when the property is permanently vacated by the borrower (or final surviving borrower, if in joint names), due to death, moving to another property, or entering sheltered accommodation or long-term care.

Portability

This product is portable and can be transferred from the existing property to a new property.

Eligibility

Property must be in England and Wales with a value of £140,000 or more.

Please refer to our Retirement Interest-Only leaflet for full product details.

Mortgages are subject to underwriting.

This information is to help you understand the typical cost of this mortgage and is not representative of your personal circumstances.

A mortgage of £74,505.00, payable over 21 years, on an interest-only repayment basis, initially on a fixed rate of 5.45% until 31.05.2027, and then on our Standard Variable Rate, currently 7.95%, for the remaining 19 years. The initial term would require 28 monthly payments of £338.38 followed by 224 monthly payments of £493.60.

The total amount payable would be £195,301.04 made up of the loan amount (£74,505.00), plus interest (£120,041.04), Standard Valuation Fee (£405), Solicitor Fee (£250) and a Mortgage Exit Fee (£100).

The overall cost for comparison is 7.8% APRC.