Advance
Minimum £25,000: Maximum £350,000
Loan to value (LTV)
Maximum 70% (subject to the Society’s lending policy)
Term
Minimum 2 years: Maximum 35 years
Availability
This product is available to applicants who are either;
a) aged 80 on application or
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.
This product is available to borrowers with any one of the following:
Free Valuation
The Society will pay the cost of a standard mortgage valuation fee.
A mortgage of £70,000.00, payable over 29 years and 6 months (354 months) initially on a fixed rate for 2 years (24 months) of 7.15% and then on our current standard variable rate of 7.89% for the remaining 27 years and 6 months (330 months) would require 24 monthly payments of £417.08 then 330 monthly payments of £460.25 on an interest only repayment method. The total amount payable would be £232,819.40 made up of the loan amount plus interest (£162,225.40) with a £499.00 product fee, £10.00 CHAPS fee, and a redemption administration fee of £85.00. The overall cost for comparison is 8.2% representative APRC.
Full Repayment
An early repayment charge equivalent to 2% of the outstanding balance applies if the loan is repaid in full within the first year and 1% in the second year of the product period. Thereafter the Society’s standard repayment charges will apply – see Tariff of Charges. The early repayment charge may be refunded if the borrower(s) take out a new mortgage with the Society subject to meeting the Society’s criteria.
Partial Lump Sum Repayment
Up to 10% of the advanced amount may be repaid in any year of the product rate period without charge. Repayments made above the 10% limit will be subject to a charge equivalent to 2% in the first year and 1% in the second year of the product period.
Product Fee
A fee of £499.00 is payable. This fee can be added to the loan (subject to LTV limits)
Valuation Fee
The Society will pay the cost of a standard mortgage valuation fee.
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.
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.
If you have any questions about this or any of our other mortgage products, then our intermediaries team is here to help.