Variable Discount for Term (with LPA/CPA)

5.20% Initial Pay Rate for term which represents a 3.29% discount off our Standard Variable Rate (SVR) currently (8.49%).

Interest Only.

No application fee or arrangement fee

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

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

An LPA must be in place for each applicant to be eligible for this product (In Scotland Continuing Power of Attorney).

The applicant must make the application for the mortgage, the LPA cannot apply for the mortgage or make an application to extend lending post completion of the mortgage.

The interest rate on this product will not drop below 2.00%.

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

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 £117,869.00 payable over 25 years on a discounted variable rate of 5.20% which represents a 3.29% discount off the Society's Standard Variable Rate (SVR) 8.49%, for term would require 300 monthly payments of £510.77. The total amount payable would be £273,962.55 made up of the loan amount plus interest (£156,058.55) and a funds transfer fee of £35.00.
The overall cost for comparison is 5.4% 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).