Broker Cases

Retirement mortgages

We’re proud to support mortgage customers of all ages and our Retirement Interest Only mortgages are aimed to meet the needs of borrowers aged 55 and above who are looking to release equity, remortgage with us or move home. Customers must have a household income of a minimum of £20,000 per annum (after deductions), typically a pension. Our retirement mortgage has no set end date, giving peace of mind that your mortgage term isn’t coming to an end. Here you’ll find all the information you need to know about our Retirement mortgages.

Mortgages are secured against your home. You could lose your home if you do not keep up payments on your mortgage.

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Mortgage details

Property value i

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Mortgage amount required i

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Your loan to value is i

We’re sorry but the maximum LTV for this product is X%

Mortgage term i

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Your estimated monthly payments: i

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This is the maximum amount based on the information you provided. Your mortgage adviser will take you through the application process and will calculate the amount you can afford to borrow based on your income after the deduction of those expenses and commitments. Further restrictions may apply for specialist products.

Variable rate Retirement mortgages

Product name

Retirement mortgage (power of attorney) variable lifetime discount

Initial rate

5.09%

Discount from SVR

2.50%

Overall cost for comparison

5.2% APRC

Max LTV %

50%

Product fee

Mortgage repayment

£XXX.xx per month

Calculate

Product name

Retirement mortgage (non power of attorney) variable lifetime discount

Initial rate

5.59%

Discount from SVR

2.00%

Overall cost for comparison

5.7% APRC

Max LTV %

50%

Product fee

Mortgage repayment

£XXX.xx per month

Calculate

Representative example

Representative example: A mortgage of £65,000.00 taken out for a period of 40 years on an interest only basis.
Monthly instalments: £302.79 per month for 479 months.
Total amount payable: £210,136.41
Total amount of credit: £65,000.00
The total amount payable includes a valuation fee of £0.00 , a product fee of £0.00 and a closing fee of £100.
The overall cost for comparison is 5.70% representative APRC.
This example is based on our Retirement Interest Only , Lifetime 2.00% discount (without POA) mortgage. It is based on our current Standard Variable Rate of 7.59% with no fees added to the mortgage.
The APRC is based on a mortgage which runs for 40 years. The 40 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.

Please ask for a personalised illustration for your own particular requirements.
Repayment type
Interest only
Key features
- Availability – Purchase & Remortgage up to 50% Loan To Value (LTV).
- Flexibility – Unlimited overpayments allowed in each calendar year without penalty.
- Portable.
Early repayment

There are no early repayment charges for this product. Closing Administration Fee (currently £100).
Product fees
- A free standard valuation is included
- There is no product fee for either retirement product

Lending criteria

Lending Criteria and Information

Loan:	Size: Minimum £50,000, Maximum £500,000, up to 50% of the property value. Term: Minimum 5 years.
Property:	Minimum Value: £100,000. Available on properties in England and Wales.
All applicants:	Must be UK residents. Minimum age is 55.
Income:	Household income must be at least £20,000 after deductions.

Only available with Property and Financial Lasting Power of Attorney. The amount we will lend will depend on the value of the property and a calculation based on income and expenditure. As a guide, we will take gross annual income and then apply a deduction for the annual amount paid towards any existing debts or other financial commitments. We apply the following multipliers to the amount remaining:

Income After Deductions	Sole Borrower	Joint Borrowers
£20,000-£50,000 single or under £100,000 joint	5x	5x
Over £50,000 single or over £100,000 joint	6x	6x

These multiples are for guidance only and do not guarantee that we will lend the amount indicated. We will carry out a full assessment of your clients income and expenditure to ensure that they can afford the mortgage both now and in the future.

Underwriting:	We take a flexible approach to underwriting and will consider each case on its merits. We do not credit score. The actual rate and APRC for the case will depend on your clients circumstances and our assessment of the risk.