Mortgages into later life
For the latest updates and essential information during the COVID-19 pandemic read our FAQs.
Important information: your case and the stamp duty holiday
Ahead of the extended stamp duty holiday deadline on 30 June please be aware we cannot guarantee your client that their mortgage will complete in time to be eligible. This particularly applies for purchase applications and any remortgages where additional borrowing for any onward purchase is required. You must ensure your client is aware of this.
For information about the stamp duty holiday and rates which will apply from 1 July please click here to visit gov.uk.
Mortgages for over 50s and retired borrowers
We don't have a maximum age limit on any of our products but if you have clients who are 50+ we have a range of products especially tailored for borrowing into later life. We offer terms from 5 to 40 years, use a specialist retirement ONS calculator, have 6 different interest only options to choose from and we'll consider employed and self employed (non manual) income up to age 75.
Later Life 2.45% 2 Year Discount Rate 75% LTV
- STANDARD VARIABLE RATE of 5.24% with a discount of 2.79% for 2 years from completion, then reverting to 3.50% (Ipswich SVR minus 1.74%) for 36 months then changing to Ipswich Standard Variable Rate (currently 5.24%)
- 4.1% APRC
- For purchase and remortgage up to 75% LTV
- Exclusively for borrowers aged 50 or over
11133, 67183
| 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 | - | £35 | £750k |
Unlimited fee-free overpayments
No early repayment charge
For remortgage only: fee assisted legals
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.
Later Life 2.75% 2 Year Fixed Rate 75% LTV
- FIXED RATE of 2.75% until 30/06/2023 then reverting to 3.50% (Ipswich SVR minus 1.74%) until 30/09/2026 then changing to Ipswich Standard Variable Rate (currently 5.24%)
- 4.3% APRC
- For purchase and remortgage up to 75% LTV
- Exclusively for borrowers aged 50 or over
15259, 72351
| 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 | - | £35 | £750k |
No charge for overpayments of up to 50% of original loan amount
Early repayment charge period ends 30/06/2023
Overpayment of 50% or above - Early repayment charge is 3% of the overpayment
Redemption - Early repayment charge is 3% of the original loan amount
For remortgage only: fee assisted legals
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.
Later Life 3.10% 5 Year Fixed Rate 75% LTV
- FIXED RATE of 3.10% until 5 years from completion date, then changing to Ipswich Standard Variable Rate (currently 5.24%)
- 4.4% APRC
- For purchase and remortgage up to 75% LTV
- Exclusively for borrowers aged 50 or over
15260, 72352
| 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 | £35 | £750k |
No charge for overpayments of up to 50% of original loan amount
Early repayment charge period ends 5 years from completion date
Overpayment of 50% or above - Early repayment charge is 5% of the overpayment
Redemption - Early repayment charge is 5% of the original loan amount
Remortgage only: fee assisted legals
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.
Click here to view our handy guide to later life and RIO mortgages.
We will in certain instances require applicants to take Independent Legal Advice (ILA)
This will apply in the following instances;
- Applicant(s) are 75 or older
- There is significant disparity between applicants incomes
This advice should be taken after receipt of our mortgage offer and the Solicitor shouldn’t be the same one that is involved in the transaction of the mortgage.
The ILA should cover potential implications associated with taking out a mortgage in later life – e.g. if the applicants were to need long term care or in the event of death.
