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Mortgages into later life

Mortgages for over 50s and retired borrowers

The Mortgage Market Review (MMR) resulted in many banks and building societies refusing to lend to existing mortgage holders where the term would take them over the age of 65. This resulted in borrowers in their mid-forties and above having a reduced choice of mortgage providers and products. We don't have a maximum age limit for mortgage lending, and because we assess each case individually without using automated tools, we can take into account 100% of a borrowers pension and a proportion of other forms of income such as investments when addressing affordability.

We have a range of products specifically for lending into later life. These products are restricted to applicants aged 50 or over.

Later Life 2.35% 2 Year Discount Rate 75% LTV

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  • VARIABLE RATE of 5.49% with a discount of 3.14% for 2 years from completion, giving a payable rate of 2.35% then changing to Ipswich Standard Variable Rate (currently 5.49%)
  • 5.2% APRC
  • Available for direct applicants in England and Wales, intermediaries in our heartland area and selected intermediary partners
  • Available for purcase and remortgage

Representative example (this information is based on a typical application and not to your individual circumstances. It does not contain all of the details you need to choose a mortgage)

A mortgage of £142,500.00 payable over 35 years initially on our Standard Variable Rate currently at 5.49% with a discount of 3.14% for 24 months, giving a current rate payable of 2.35%, then on our Standard Variable Rate for the remainder of the mortgage term would require 24 monthly payments of £499.92 and 396 monthly payments of £753.31.
The total amount payable would be £310,762.84 made up of the loan amount plus interest (£167,273.84), an application fee of £199, a completion fee of £500, a valuation fee of £160, a mortgage funds release fee of £35 and a mortgage exit fee of £95. This example assumes the completion fee and mortgage funds release fee are added to the loan and that interest is charged on these fees over the mortgage term.
The overall cost for comparison is 5.2% APRC representative.

[This representative example is based on assumptions that the loan would start from 29 May 2018]  

11070, 67098, 67099

Completion Fee Application Fee (Payable with application and non-refundable) Valuation Fee (Payable with application) Higher Lending Charge CHAPS (Fee for transfer of funds to solicitor) Maximum Loan Amount
£500 £199 Purchase: based on property valuation. Remortgage: FREE (up to max property value £1m) - £35 £500k

Unlimited fee-free overpayments
No early repayment charge

To apply, please speak to one of our expert Mortgage Consultants, based in Ipswich, on 0330 123 0773 - we're happy to discuss your application over the telephone or, if you'd prefer, we can arrange to meet with you at one of our 9 branches across Suffolk.

In the meantime, you may find it useful to look at our mortgage calculator to get an idea of what your monthly payment may be.

To apply for this product visit our Apply and Track section, or give our intermediary sales team a call on 0330 123 1073.

To see all of our current mortgage products, please download our mortgage product rate guide.

Please note our rate guide is an Excel document. Click here to download Excel Viewer from Microsoft, where you can open, view and print Excel documents even if you don't have Excel installed.


Later Life 2.75% 2 Year Fixed Rate 75% LTV

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  • FIXED RATE of 2.75% until 30/09/2020, then changing to Ipswich Standard Variable Rate (currently 5.49%)
  • 5.1% APRC
  • Available for direct applicants in England and Wales, intermediaries in our heartland area and selected intermediary partners
  • Available for purcase and remortgage

Representative example (this information is based on a typical application and not to your individual circumstances. It does not contain all of the details you need to choose a mortgage)

A mortgage of £189,000.00 payable over 25 years initially on a fixed rate until 30/09/2020 at 2.75% and then on our Standard Variable Rate currently at 5.49% for the remainder of the mortgage term would require 28 monthly payments of £874.35, followed by 272 monthly payments of £1,137.75.
The total amount payable would be £334,443.80 made up of the loan amount plus interest (£144,414.80), an application fee of £199, a completion fee of £500, a valuation fee of £200, a mortgage funds release fee of £35 and a mortgage discharge fee of £95. This example assumes the mortgage funds release fee is added to the loan and that interest is charged on these fees over the mortgage term.
The overall cost for comparison is 5.1% APRC representative.
[This representative example is based on assumptions that the loan would start from 29 May 2018]

15091, 72126, 72127

Completion Fee Application Fee (Payable with application and non-refundable) Valuation Fee (Payable with application) Higher Lending Charge CHAPS (Fee for transfer of funds to solicitor) Maximum Loan Amount
£500 £199 Purchase: based on property valuation. Remortgage: FREE (up to max property value £1m) - £35 £500k

No charge for overpayments of up to 50% of original loan amount
Early repayment charge period ends 30 September 2020
Overpayment of 50% or above - Early repayment charge is 3% of the overpayment
Redemption - Early repayment charge is 3% of the original loan amount

To apply, please speak to one of our expert Mortgage Consultants, based in Ipswich, on 0330 123 0773 - we're happy to discuss your application over the telephone or, if you'd prefer, we can arrange to meet with you at one of our 9 branches across Suffolk.

In the meantime, you may find it useful to look at our mortgage calculator to get an idea of what your monthly payment may be.

To apply for this product visit our Apply and Track section, or give our intermediary sales team a call on 0330 123 1073.

To see all of our current mortgage products, please download our mortgage product rate guide.

Please note our rate guide is an Excel document. Click here to download Excel Viewer from Microsoft, where you can open, view and print Excel documents even if you don't have Excel installed.


Later Life 3.50% 5 Year Fixed Rate 75% LTV

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Fees
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  • FIXED RATE of 3.50% until 30/09/2023, then changing to Ipswich Standard Variable Rate (currently 5.49%)
  • 4.8% APRC
  • Available for direct applicants in England and Wales, intermediaries in our heartland area and selected intermediary partners
  • Available for purchase and remortgage

Representative example (this information is based on a typical application and not to your individual circumstances. It does not contain all of the details you need to choose a mortgage)

A mortgage of £189,000.00 payable over 25 years initially on a fixed rate until 30/09/2023 at 3.50% and then on our Standard Variable Rate currently at 5.49% for the remainder of the mortgage term would require 64 monthly payments of £948.86, followed by 236 monthly payments of £1,121.92.
The total amount payable would be £325,994.16 made up of the loan amount plus interest (£135,965.16), an application fee of £199, a completion fee of £500, a valuation fee of £200, a mortgage funds release fee of £35 and a mortgage discharge fee of £95. This example assumes the mortgage funds release fee is added to the loan and that interest is charged on these fees over the mortgage term.
The overall cost for comparison is 4.8% APRC representative.
[This representative example is based on assumptions that the loan would start from 29 May 2018]

15095, 72131, 72132

Completion Fee Application Fee (Payable with application and non-refundable) Valuation Fee (Payable with application) Higher Lending Charge CHAPS (Fee for transfer of funds to solicitor) Maximum Loan Amount
£500 £199 Purchase: based on property valuation. Remortgage: FREE (up to max property value £1m) - £35 £500k

No charge for overpayments of up to 50% of original loan amount
Early repayment charge period ends 30 September 2023
Overpayment of 50% or above - Early repayment charge is 5% of the overpayment
Redemption - Early repayment charge is 5% of the original loan amount

To apply, please speak to one of our expert Mortgage Consultants, based in Ipswich, on 0330 123 0773 - we're happy to discuss your application over the telephone or, if you'd prefer, we can arrange to meet with you at one of our 9 branches across Suffolk.

In the meantime, you may find it useful to look at our mortgage calculator to get an idea of what your monthly payment may be.

To apply for this product visit our Apply and Track section, or give our intermediary sales team a call on 0330 123 1073.

To see all of our current mortgage products, please download our mortgage product rate guide.

Please note our rate guide is an Excel document. Click here to download Excel Viewer from Microsoft, where you can open, view and print Excel documents even if you don't have Excel installed.