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Term Discount Borrowing Into Retirement

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Our Term Discount Borrowing Into Retirement Mortgage offers a discount of 2.25% off our standard variable rate, currently 5.34%, for the term of the mortgage. The interest rate charged won’t fall below 2.00%.

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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
 
Term Discount Borrowing Into Retirement
Representative Example
3.09%
3.2% APRC
60%
£0
Product
Term Discount Borrowing Into Retirement
Representative Example
Initial rate
3.09%
Overall cost for comparison
3.2% APRC
Max% LTV
60%
Completion Fee
£0

Advance

Minimum £25,000: Maximum £500,000

Loan to value (LTV)

Maximum 60% (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 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.

Cashback

£250 cashback will be paid on completion of the mortgage.

Important Information

The interest rate charged won’t fall below 2.00%.

Full Repayment

No early repayment charges apply.

Partial Lump Sum Repayment

Partial lump sum repayments of any amount are permitted.

 

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.