Our Term Discount Borrowing Into Retirement Mortgage includes a discount of 2.15% from the Society’s standard variable mortgage interest rate (SVR), currently 7.94%, 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
5.79%
6.0% APRC
60%
£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.
Important Information
The interest rate charged won’t fall below 3.50%.
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 £10.00 is payable on completion. 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.
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 [email protected] or request a call back here.
