If you are not an existing mortgage customer, our products are available through a broker only.
Lending Into Retirement Downsizing [Interest Only]
- Initial rate2.94% Variable
- then changing to our SVR minus 1.00%4.39%
- The overall cost for comparison is4.2% APRC
- Product periodthree years
- Deposit required40%
- Arrangement fee£999
A mortgage of £352,383 payable over 10 years, initially on a Discounted rate for 3 years at 2.94% and then a 1.00% discount off our current Standard Variable Rate Mortgage of 5.39% to give a current rate payable of 4.39% (variable) for the remaining 7 years, would require 36 monthly payments of £863.34 and 84 monthly payments of £1,362.55.
The total amount payable would be £497,961.50 made up of the loan amount plus interest (£145,613.98), an application fee of £180 and a redemption fee of £80.
The overall cost for comparison is 4.2% APRC representative.
Your home may be repossessed if you do not keep up repayments on your mortgage
An equity release plan allows homeowners aged 55-95 to access some of the cash locked in the value of their home. However it’s not suitable for everyone, which is why it’s important to get independent advice before you make a decision.
Lending into retirement
Last year a study showed that people in their 50s and 60s underestimate their chances of reaching 75 years of age.