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Mortgages into later life

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 2.50% 2 Year Discount Rate 75% LTV

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Fees
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Representative Example
  • VARIABLE RATE of 5.74% with a discount of 3.24% for 2 years from completion, giving a payable rate of 2.50% then changing to Ipswich Standard Variable Rate (currently 5.74%)
  • 5.4% APRC
  • Available for direct applicants in England and Wales, intermediaries in our heartland area and selected intermediary partners
  • Available for purchase and remortgage

11079, 67113, 67114

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.

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 5.74% with a discount of 3.24% for 24 months, giving a current rate payable of 2.50%, then on our Standard Variable Rate for the remainder of the mortgage term would require 24 monthly payments of £511.34 and 396 monthly payments of £776.44.
The total amount payable would be £320,196.40 made up of the loan amount plus interest (£176,707.40), 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 5.4% APRC representative.

[This representative example is based on assumptions that the loan would start from 3 September 2018]

Later Life 3.25% 5 Year Discount Rate 75% LTV

About
Fees
Apply
Representative Example
  • VARIABLE RATE of 5.74% with a discount of 2.49% for 5 years from completion, giving a payable rate of 3.25% then changing to Ipswich Standard Variable Rate (currently 5.74%)
  • 5.1% APRC
  • Available for direct applicants in England and Wales, intermediaries in our heartland area and selected intermediary partners
  • Exclusvely for borrowers aged 50 or over
  • Available for purchase and remortgage

11083, 67121, 67122

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

Up to 3 years from completion - no charge for overpayments of up to 50% of original loan amount
From 3 years from completion - unlimited fee-free overpayments
Early repayment charge period ends 3 years from completion
Overpayment of 50% or above - early repayment charge is 2% of the overpayment
Redemption - early repayment charge is 2% 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.

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 5.74% with a discount of 2.49% for 5 years, giving a rate payable of 3.25% and then on our Standard Variable Rate currently at 5.74% for the remainder of the mortgage term would require 60 monthly payments of £568.49, followed by 360 monthly payments of £761.45.
The total amount payable would be £309,220.40 made up of the loan amount plus interest (£165,731.40), 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 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 16 October 2018]

Later Life 2.75% 2 Year Fixed Rate 75% LTV

About
Fees
Apply
Representative Example
  • FIXED RATE of 2.75% until 31 December 2020, then changing to Ipswich Standard Variable Rate (currently 5.74%)
  • 5.3% APRC
  • Available for direct applicants in England and Wales, intermediaries in our heartland area and selected intermediary partners
  • Available for purchase and remortgage

15110, 72154, 72155

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 31 December 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.

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 31/12/2020 at 2.75% and then on our Standard Variable Rate currently at 5.74% for the remainder of the mortgage term would require 27 monthly payments of £874.35, followed by 273 monthly payments of £1,164.64. The total amount payable would be £342,048.17 made up of the loan amount plus interest (£152,019.17), 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 5.3% APRC representative.

[This representative example is based on assumptions that the loan would start from 25 September 2018]

Key features of our later life mortgages

  • Exclusively available for borrowers aged 50 or more, or joint applications where at least one applicant is 50+
  • Loans up to 75% LTV for a maximum £500,000 advance
  • All deals feature fee free overpayments up to 50% of original loan amount
  • Interest only up to 50% LTV provided there is at least £150k equity in the property
  • 5 - 40 year term
  • No maximum age limit
  • Minimum income of £20,000
  • Retirement ONS calculator used
  • For working applicants we accept self employed manual or employed income to age 70 (or declared pension age if lower) or self employed non-manual income to age 75.
  • Capital raising considered
  • We can lend up to 80% LTV on second homes and homes for dependants (not holiday lets)
  • 100% of pension income and 75% of investment income accepted when assessing affordability
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