Representative example: A mortgage of £110,000.00 taken out for a period of 18 years on an interest only basis.
Monthly instalments: £389.58 per month for 215 months.
Total amount payable: £194,843.70.
Total amount of credit: £110,00.00.
The total amount payable includes valuation fee £285, product fee £699 and closing fee £100.
The overall cost for comparison is 4.4% representative APRC.
The APRC is based on a mortgage which runs for 18 years. The 18 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.
This example relates to the Retirement mortgage (non power of attorney) variable lifetime discount product. It is based on our current Standard Variable Rate of 5.60%, with fees not added to the mortgage.
Please ask for a personalised illustration for your own specific requirements.