Service update - due to planned essential maintenance our Online Service will be unavailable on Friday 28 January from 18:00 until Saturday 29 January 12:00.
Following the Bank of England’s decision to raise the Bank Rate by 0.15% to 0.25% in December 2021, Windfall Bond and Tracker Savings Bond rates increased by 0.15% from 1 January 2022. Tracker mortgages changed from 25 January and we have written to customers individually with revised payment details where the new rate exceeds the minimum rate (or ‘floor’) already applying to their mortgage. We will be considering our other savings and our variable mortgage rates after the Bank of England MPC meeting on 3 February. (Notice updated 19/01/22)
- Please note that the Premium Saver (5) has now been withdrawn from sale.
If you have opened an account, you may add funds until 3pm, 7 February 2022, after this no additions will be allowed.
2.99% 5 year fixed rate Retirement Interest-Only
The mortgage will be secured on your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
Key things to bear in mind
- Purpose - RIO applications for purchase, remortgage, product switch and further advance
- Loan to Value - Maximum 50%
- Application Fee - £175 + Valuation Fee for purchase and remortgage. (£125 for further advance, £0 for switch)
- Valuation Fees - Free for properties up to £500,000. For properties above £500,000 the standard valuation fee scale applies, less £330 discount. (£0 for further advance and switch)
- ~Product Fee - £999 for loans up to £500,000. For loans above £500,000 0.3% of the loan amount. (£0 for further advance and switch)
- Maximum loan - No maximum. Loans above £500,000 should be referred to us for specific agreement before submission of an application
- Minimum loan - £45,000 for purchase and remortgage. £2,000 for further advance. No minimum for product switches
- Additional benefits:
- ^Cashback - £500 on completion for remortgage applications
- Early Repayment Charges - 5% until 31/05/2023, 4% until 31/05/2024, 3% until 31/05/2025, 2% until 31/05/2026, 1% until 31/05/2027
- Additional criteria – The mortgage must complete by 01/06/2022. Borrowers are required to nominate a Registered Contact when they apply
The total amount payable would be £124,991.08 made up of the loan amount plus interest of £38,717.08, an Application Fee of £175, a Product Fee of £999 and a Mortgage Exit Fee of £100.
The overall cost for comparison is 3.9% APRC representative.
More downloads & what you'll need to apply
More mortgage downloads
- Three full months most recent consecutive bank statements for all current accounts, to evidence all income and outgoings. Bank statements must show the applicants name, account number, sort code and bank logo.
If you're renting your current home you'll need...
- 12 months statements showing rent payments.
If you already have a mortgage you'll need…
- Proof of mortgage payments - we carry out an electronic credit check on all applicants which usually confirms this. However if this fails, we will need proof. This can be provided from 12 months bank statements, the latest mortgage statements, or a combination. To speed up our underwriting, you can provide these on submission.
Proof of income
If you're employed in a company you'll need...
- Three months most recent payslips
- Most recent P60
If you have property or investment income you'll need...
- Two years most recent SA302s
If you're self employed you'll need...
- Two years most recent accounts or two years most recent SA302s / Tax Calculations (100% Completed) or Family Building Society Accountant’s Certificate
- Accountant’s details on the application form
If you are already retired or if the term of your mortgage term goes beyond retirement or age 70 you'll need...
- Most recent Pension Statement or letter from Department for Work and Pensions
- Most recent annual Pension Statement
- Most recent P60
Evidence of deposit for purchases
- Evidence of deposit in an account held by the applicant(s)
- For gifted deposits, we require evidence of the funds in a UK account and the giftors details (name, date of birth, relationship to applicants)
If you already let a property you'll need...
- Evidence of rent being paid in and mortgage being paid out (bank statements requested above may already cover this)
Retirement Interest Only (RIO) mortgages
- Completed Registered Contact Declaration
Call our expert UK team
Savings - 03330 140141
Mortgages - 03330 140140
Savings - 03330 140144
Mortgages - 03330 140146