3 Year Discount

Our 3 Year Discount Borrowing Into Retirement Mortgage offers a discount of 2.20% off our standard variable rate, currently 5.34%, for a period of 3 years from completion, followed by our standard variable rate applicable at that time. The interest rate charged won't fall below 2%.

Initial rate Overall cost for
comparison
Max % LTV Completion
fee
Representative
Example
3.14% 4.4% APRC 60% £499 View

Representative example

A Mortgage of  £220,667.00, payable over 9 years and 5 months (113 months) initially on a discounted rate for 3 years (36 months) of 3.14% and then on our current standard variable rate of 5.34% for the remaining 6 years and 5 months (77 months) would require 36 monthly payments of £2,258.25 then 77 monthly payments of £2,417.36. The total amount payable would be £269,018.99 made up of the loan amount plus interest (£47,337.99) and a £260.00 valuation fee, £499.00 completion fee, £30.00 CHAPS fee, £105.00 legal fees, and £120.00 mortgage exit administration fee. The overall cost for comparison is 4.4% representative APRC.

Key Features

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 25 years

Availability
This product is available to applicants who are either;

a) aged 70 on application or

b) will be 70 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

Portability
The mortgage product may be transferred to a new mortgage arranged by the borrower(s) subject to the Society’s lending criteria.

Important Information

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

Early Repayment Charge Fees How to apply