What else do I need to know?
LTV/Acceptable income types: Based on affordability, Max LTV 60%.
We will look at income both pre and post retirement including employed, self employed, rental, investment & pension. For more detailed info on acceptable income types click here.

Minimum property value/loan values: Minimum property value £170,000, minimum loan amount £20,000, max £500,000 – must have £150,000 remaining equity left in property.

What happens after 2 or 5 year period ends: Rate reverts to our SVR at the time (currently 3.95%) with the option to re-fix if required, retention proc fee available.

Repayments: Interest is repayable monthly, additionally the 55+ allows an optional 10% overpayment from day one, your customer is not tied in or penalised for using this feature, any additional repayments made simply reduce the capital owed at the end of the mortgage term.

Early Repayment Charges: 3% years 1 and 2 for 2 year fix or 2 year discount mortgages, 5,4,3,2,1% for first 5 years on 5 year fix mortgage.

Adviser qualification: This product is not an equity release mortgage, it is a mainstream residential mortgage with a fixed term, therefore as an Adviser you require a relevant mortgage advice qualification in order to recommend the 55+.

Standard Proc fee: From 0.55%

For more information on our 55+ see our useful at a glance document. Or call 0800 731 4076 to speak to one of our dedicated Adviser support team.