Borrowing Into Retirement Term Discount
Key features
Advance
Minimum £25,000: Maximum £500,000
Loan to value (LTV)
80% subject to Society lending policy.
The maximum LTV is 80% if borrowers are under the age of 70 at the commencement of the mortgage and 70% for borrowers who are over the age of 70 at the commencement of the mortgage.
Term
Minimum 2 years: Maximum 35 years
Availability
This product is available to applicants who are either;
a) aged 80 on application or
b) will be 80 or over at the end of their mortgage term
The product is available for the purchase or re-mortgage of property in mainland England and Wales for the applicants own use.
All applications are subject to the Society’s lending criteria, property value and satisfactory status enquiries.
This product is a limited edition and cannot be guaranteed until an application has been received
Free Valuation
The Society will pay the cost of a standard mortgage valuation fee.
Important Information
The interest rate charged won’t fall below 3.50%.
- Initial rate
- 6.05%
- APRC
- 6.3%
- Overall cost for comparison
- Maximum % LTV
- 80%
Summary information
Representative Example
A mortgage of £171,110.00, payable over 15 years and 3 months (183 months) on a discounted rate for the term of the mortgage of 6.05% would require 183 monthly payments of £862.68. This is based on an interest-only repayment method. The total amount payable would be £330,889.24 made up of the loan amount plus interest (£158,695.24) and a £999.00 product fee, £10.00 CHAPS fee, and £85.00 redemption administration fee. The overall cost for comparison is 6.3% representative APRC.
Early Repayment Charge
Full Repayment
No early repayment charges apply.
Partial Lump Sum Repayment
Partial lump sum repayments of any amount are permitted.
Fees
Valuation Fee
The Society will pay the cost of a standard mortgage valuation fee.
Product Fee
A fee of £999.00 is payable. This fee can be added to the loan (subject to LTV limits).
Mortgage Exit Administration Fee /Additional Fees
£85.00 Redemption Administration Fee. Additional administration fees may apply during the life of your mortgage. Details of these can be found in the Tariff of Charges leaflet.
CHAPS Fee
On completion, the advance will be released to the appointed Solicitor by CHAPS (Clearing House Automated Payment Service). This is at a cost to the borrower of £10.00.
How to apply
The Loughborough mortgage service is tailored to each individual and offered on a fully advised basis where applicable. Our qualified advisers will spend time with you to understand your mortgage needs and financial circumstances before recommending the most suitable solution for you.
To get in touch with our mortgage team either telephone us on 01509 389282, email at [email protected] or request a call back.
Terms and Conditions
Before opening this account please read our General Terms and Conditions.
Mortgage repayments
Your home may be repossessed if you do not keep up repayments on your mortgage.
Still need help?
Our help section is full of useful information, but if you can’t find what you need you can pop into one of our branches. Or if you’d rather just chat, give us a call.
Call us on 01509 389282
Monday – Friday
9am – 5pm
Weekends and bank holidays
Closed