Term Discount

Our Term Discount Borrowing Into Retirement Mortgage offers a discount of 2.35% off our standard variable rate, currently 5.34%, for the term of the mortgage. The interest rate charged won't fall below 1.5%.

Initial rate Overall cost for
comparison
Max % LTV Completion
fee
Representative
Example
2.99% 3.1% APRC 60% £0 View

Representative example

A Mortgage of  £130,243.00, payable over 9 years and 8 months (116 months) on a discounted rate for the term of the mortgage with a pay rate of 2.99% would require monthly payments of £324.52. This is based on an interest-only repayment method. The total amount payable would be £168,775.10 made up of the loan amount plus interest (£37,987.10) and a £30.00 CHAPS fee, £105.00 legal fees, £290.00 valuation fee and £120.00 mortgage exit administration fee. The overall cost for comparison is 3.1% 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 2 years: Maximum 25 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.

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 1.5%.

Early Repayment Charge Fees How to apply