Search the site

Prime Plus 1 – 3 Year Fixed Borrowing Into Retirement

Intermediaries > Products for Intermediaries > Prime Plus 1 - 3 Year Fixed Borrowing Into Retirement

Our Prime Plus 1 – 3 Year Fixed Borrowing Into Retirement Mortgage offers a fixed rate of 3.69% for a period of 3 years from completion. Thereafter the interest rate will revert to the Society’s prevailing standard variable mortgage interest rate, currently 5.34%. The SVR interest rate charged cannot go below 2%.

Try our mortgage Calculator
Our mortgage calculator is designed to show you how much you could potentially borrow and how much your monthly payments would be. The amount is based solely on your income without deducting household expenses and financial commitments. Your mortgage adviser will take you through the application process and will calculate the amount you can afford to borrow based on your income after the deduction of those expenses and commitments. Further restrictions may apply for specialist products.

Gross annual income





LTV Amount





Payment Terms





Product
Initial rate
Overall cost
for comparison
Max % LTV
Completion Fee
Mortgage Repayment
 
Prime Plus 1 – 3 Year Fixed Borrowing Into Retirement
Representative Example
3.69%
5.1% APRC
60%
£0
Product
Prime Plus 1 – 3 Year Fixed Borrowing Into Retirement
Representative Example
Initial rate
3.69%
Overall cost for comparison
5.1% APRC
Max% LTV
60%
Completion Fee
£0

Advance

Minimum £25,000: Maximum £350,000

Loan to value (LTV)

Maximum 60% (subject to the Society’s lending policy)

Term

Minimum 3 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

This product is available to borrowers with an impaired credit history but subject to referral to the Society with a full explanation for the credit issues experienced by the customer. Impaired credit history is:

  • Arrears over 2 months in the last 2 years
  • Any Default in the last 2 years
  • No more than 3 CCJ’s not exceeding a combined maximum of £1000
  • Been subject to an IVA or DMP within the last 3 years
  • Been discharged from Bankruptcy or Repossession for more than 3 years
  • Had 3 or more payday loans in the last 12 months

Free Valuation

The Society will pay the cost of a standard mortgage valuation fee.

Important Information

The interest rate charged won’t fall below 2%.

Full Repayment

An early repayment charge equivalent to 3% of the advance amount applies if the loan is repaid in full within the first year reducing to 2% of the advance amount in the second and third 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 of 3% of the lump sum repaid in the first year reducing to 2% in the second and third year of the product period.

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). A fee of £30.00 is payable on completion.  This fee can be added to the loan subject to LTV limits.

Mortgage Exit Administration Fee /Additional Fees

£120.00 inclusive of £35.00 Deeds Release Fee and £85.00 Sealing Fee. Additional administration fees may apply during the life of your mortgage. Details of these can be found in the Tariff of Charges leaflet.

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 631950, email at mortgages@theloughborough.co.uk or request a call back here.