Representative example: A mortgage of £59,000 taken out for a period of 17 years on an interest only basis.
Monthly instalments: £149.96 per month for 203 months.
Total amount payable: £90,570.88
Total amount of credit: £59,000
The total amount payable includes administration fee £125, valuation fee £230, product fee £599, completion fee £75 and closing fee £100.
The overall cost for comparison is 3.2% representative APRC.
This example relates to the Retirement mortgage (power of attorney) variable lifetime discount product, is based on a typical mortgage and assumes that fees are not added to the mortgage. Please ask for a personalised illustration for your own particular requirements.
The APRC is based on a mortgage which runs for 17 years. The 17 year term and the APRC are used for illustration purposes only, as the Retirement Mortgage does not have a set term. The actual APRC will depend on how long the mortgage actually runs for. To compare mortgages from different lenders you will need to obtain illustrations for the same term.