Products affected

Retirement Mortgage
Lump Sum Lifetime Mortgage
Flexible Lifetime Mortgage
Guaranteed Pension Annuity

Date of changes: 9th April 2018

As of 9th April we will be decreasing the rate on our retirement mortgage to 3.85%.

All Retirement Mortgage applications already received and at new business stage will be offered on the new lower rate. Cases at legal stage will not be altered unless specifically requested, please be aware any changes at legal stage could cause delays in completion. If you would like to make any changes please call us on 0800 731 4076 and our Adviser support team will be happy to help.

The Retirement mortgage is an interest only lifetime mortgage with a maximum LTV of up to 50% available from age 55.

Affordability is based on income both pre and post retirement, for full details click here.

We are also changing rates on both our Lump Sum Lifetime Mortgage and Flexible Lifetime mortgage products.

Rates will increase as follows:
Lump Sum Lifetime Mortgage 4.16% (MER), 4.24% (AER)
Flexible Lifetime Mortgage 4.35% (MER), 4.44% (AER)

Both products offer:

  • Downsizing Protection – the ability to repay the loan in full, from the sale proceeds of the customer’s property after 5 years with no ERC’s
  • Overpay by up to 10% from day 1
  • Loans from £20,000 to £1,000,000

For more information on the Lump Sum Lifetime Mortgage or the Flexible Lifetime Mortgage click here.

Applications already in progress will continue on current lower rates. Applications received before April 9th (or after April 9th with a valid pre April 9th quotation) will be processed on our current lower rates.

Additionally, we are making some positive changes to our Annuity product.

As of April 9th the maximum fund size we will accept increases from £250,000 to £350,000, and the maximum number of funds we can accept increases from 3 to 6.

See more about our annuity product here.

Got a question?

Contact our Adviser support team for more information on 0800 731 4076 or request a call back on our home page.

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