Existing Retirement Interest Only borrowers who want to switch to a new mortgage product, have at least 40% equity and are comfortable with interest rate changes.
Borrowers who want a fixed rate of interest.
5.29% variable, which includes a 2.31% discount from our Standard Variable Rate for the term of the mortgage.
5.4% APRC
Mortgage exit fee - £100 (payable when the mortgage is fully repaid)
No early repayment charges.
Interest-Only
60%
This product is portable and can be transferred from the existing property to a new property.
The interest rate for this mortgage has a ‘floor’, which means that it will never fall below 2.50% during the discount period.
At the date of the product switch, the balance must be at least £5,000 and a term of at least 2 years must remain.
This information is to help you understand the typical cost of this mortgage and is not representative of your personal circumstances.
A mortgage of £75,000.00, payable over 15 years, on an interest-only repayment basis, with an initial payable rate of 5.29%, which includes a 2.31% discount from our Standard Variable Rate (SVR), currently 7.60%, for the term of the mortgage. The term would require 180 monthly payments of £330.63.
The total amount payable would be £134,613.40, made up of the loan amount (£75,000.00), plus interest (£59,513.40) and a Mortgage Exit Fee (£100).
The overall cost for comparison is 5.4% APRC.
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