Our Term Discount Borrowing Into Retirement Mortgage includes a discount of 1.84% from the Society’s standard variable mortgage interest rate (SVR), currently 7.89%, for the term of the mortgage following completion of the loan. The interest rate charged cannot go below 3.50%.
for comparison
Borrowing Into Retirement Term Discount
Representative Example
6.05%
6.3% APRC
80%
£999
Further information
Advance
Minimum £25,000: Maximum £500,000
Loan to value (LTV)
80% subject to Society lending policy.
The lending policy states that the maximum LTV is 80% for borrowers who are under the age of 70 at the commencement of the mortgage and 70% for borrowers who are over the age of 70 at the commencement of the mortgage.
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.
Important Information
The interest rate charged won’t fall below 3.50%.
Full Repayment
An early repayment charge equivalent to 1.25% of the outstanding balance applies if the loan is repaid in full in the first year, and 1.00% in the second year. 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 1.25% in the first year and 1.00% in the second year.
Valuation Fee
The Society will pay the cost of a standard mortgage valuation fee.
Product Fee
A fee of £999.00 is payable. This fee can be added to the loan (subject to LTV limits).
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.
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.
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 389282, email at [email protected] or request a call back.