This mortgage package, aimed at those who are 55 plus and are retired/semi-retired, offers lower monthly repayments during the term of the mortgage compared to our Standard Variable Rate. It can be used to purchase a property, remortgage from another lender, capital raise and switch product from another SBS mortgage. The maximum Loan to Value (LTV) is the amount of a mortgage expressed as a percentage of the purchase price or valuation, whichever is the lower.
|Period of loan||Rate Payable||Additional Information|
|Month 1 onwards||3.55% variable rate||£250 application fee|
|The overall cost for Comparison is||3.60% APRC|
|Application Fee||£250 (payable on application and non-refundable)|
|Valuation Fee||£499 for properties up to £500,000 in Wales (subject to confirmation from the valuer) and by request for all properties in England / properties over £500,000 in Wales.|
|Maximum Loan to Value (%)||60%|
|Loan size||£25,000 to £250,000|
|Repayment Type||Capital and Interest only / Interest only. For those loans on an interest only basis, all borrowers will be required to provide evidence of how they intend to repay their interest only loan.|
|Early Repayment Charge||During the first three years, an early repayment charge of 2% of the loan amount is payable. After this period, no early repayment charges apply.|
Regular overpayments are permitted. Regular overpayments are amounts collected with, in addition to, your monthly mortgage payments. You may make capital repayments without an early repayment charge being levied as long as the mortgage is not redeemed in full (a minimum balance of £500 must be kept on the account) within the 3 year early repayment period. Following receipt of a lump sum payment, the amount that you owe, and so the amount of interest you pay is reduced immediately.
Based on a loan of £120,000 for 25 years, on a discounted variable rate of 3.55% for the term of the mortgage the total amount payable would be £182,096.71 made up of the loan amount plus interest repayable by 1 monthly instalment of £615.68 followed by 299 monthly instalments of £603.97.
Charges included in the total cost of the loan are:
The overall cost for Comparison is 3.60% APRC representative