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)

One Free Valuation

Minimum Loan: £30,000

Maximum Loan: £2,000,000

Purchase 50%.
Remortgage 50%.

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

New Business - All of our savings and mortgage products are only available to UK residents

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.

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