Retirement Interest Only Mortgage 2.94% Variable Discount Mortgage for 2 Years

Interest Only.

Non-refundable Arrangement fee- £299

Minimum age 55 years and the borrower(s) must be retired. There is no maximum age.

The maximum term is 55 years For joint mortgages each borrower will need to afford the mortgage in their own right. Borrower(s) must be retired prior to application.

The interest rate on this product will not drop below 2.00%. (following the fixed rate period)

Free Valuation

£250 cashback will be paid to your solicitors on completion of the mortgage.

Minimum Loan: £30,000

Maximum Loan: £2,000,000 at 50% LTV, £1,500,000 at 65% LTV

Purchase 50%.
Remortgage 50%.

Available for properties located in England, Wales and Scotland (Selected Scottish Islands accepted, please refer to criteria).

The Society will pay a procuration fee of 0.35% on completion to the intermediary.

This product is available for new mortgage customers only.

There are no early repayment charges.

A mortgage of £100,000.00 payable over 55 years initially on a discounted variable rate of 5.55% which represents a discount of 2.94% off the Society’s Standard Variable Rate (SVR) of 8.49%, for 2 years and then on our SVR of 8.49% (variable) for the remaining 636 months would require 24 monthly payments of £462.50 and 636 monthly payments of £707.50. The total amount payable would be £561,404.00 made up of the loan amount plus interest (£461,070.00), a funds transfer fee of £35.00 and an application fee of £299. The overall cost for comparison is 8.4% APRC. representative^

To found out more about Retirement Interest Only Mortgages, read our helpful guide HERE

Call us on 01782 255000 (selecting option 1 – Hanley Intermediaries then option 1 – New business enquiries).

Lines are Open 9.00am to 5.00pm Monday to Friday (Wednesday 9.30am to 5.00pm).