We’re changing rates on our Retirement Mortgage as of Friday 14th September. Any new business received on or after 14th September will be based on the rates below. Applications already received prior to this date will proceed on previous rates.
Products included:
- Retirement Mortgage 2 year fix – new rate 4.05%
- Retirement Mortgage 5 year fix – new rate 4.45%
Product Highlights:
- Interest only equity release mortgage based on affordability
- 2 or 5 year fixed ERC’s *based on product chosen
- LTV’s of up to 50% from age 55
- Ability to make 10% overpayments from day 1
- Available in: England, Wales and Scotland
- ERC’s: 3% for 2 years on 2 year fix mortgage
- 5,4,3,2,1% years 1-5 on 5 year fix
- Available to: customers age 55-95
What else do I need to know?
LTV: Based on affordability, 50% age 55-70, 45% age 71-75, 40% age 76-85. We’ll look at income both pre and post retirement including employed, self employed, rental, investment & pension. For more details on acceptable income types click here.
What happens after 2 or 5 year period ends: Rate reverts to our SVR (currently 4.70%) with the option to re-fix if required.
Repayments: Interest is repayable monthly, additionally each of the products allows a 10% overpayment from day one, your customer is not tied in or penalised in any way for using this feature and in the case of the Retirement Mortgage any repayments made reduce the capital owed.
Adviser qualification: This product is an equity release mortgage, therefore as an Adviser you require a relevant equity release qualification to recommend this product.
