Notices

Our new and improved Online Service is here.
We've made some improvements to our Online Service. With several enhancements and added benefits our Online Service is now simpler and easier for you to use. Online Service changes
We have launched a new issue of our Online Saver, paying 4.55% Gross AER on balances of £100+. Find out more

The Online Saver (10) is now available for applications via our Online Service. Find out more and apply.
Rate changes following Bank of England decision to decrease its Bank Rate by 0.25% to 4.25% on 8 May 2025. Read more

Savings: Interest rates for Windfall Bond and Tracker Savings Bond will decrease by 0.25% from 1 June 2025. We will be writing to all customers individually to confirm the new rates.
Mortgages: Tracker mortgages will change on 25 June 2025 and we will write to customers individually with revised payment details where the new rate exceeds the minimum rate (or ‘floor’) already applying to their mortgage.

5.54% RIO 5 Year Fixed Rate to 31/08/2030 (XFZ028)

The mortgage will be secured on your home. Your home may be repossessed if you do not keep up repayments on your mortgage.

Initial interest rate	Current follow on rate	Overall cost for comparison	Repayment or Interest-Only?	Max % Loan to Value (LTV)	Product fees	Additional benefits
5.54% RIO 5 Year Fixed Rate to 31/08/2030 (XFZ028)
5.54%	7.94%	7.1%APRC	Interest-Only	50%	£999~	£500 cashback for Remortgage applications^

Key things to bear in mind

Purpose - Retirement Interest-Only applications for Purchase and Remortgage.
Loan to Value - Maximum 50%
Fixed Rate end date - 31/08/2030
Application fee - £175 + Valuation Fee
Valuation Fees - Free for properties up to £500,000. For properties above £500,000 the standard valuation fee scale applies, less £330 discount
^~Product Fee - £999 for loans up to £500,000. For loans above £500,000, 0.3% of the loan amount
^Cashback - £500 for Remortgage applications
Early Repayment Charges - 5% until 31/08/2026, 4% until 31/08/2027, 3% until 31/08/2028, 2% until 31/08/2029, 1% until 31/08/2030
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
Cost for comparison - 7.1% APRC.

Affordability calculator Email us Ask us to call back Summary & fees

Representative example

A mortgage of £95,000.00 payable over 12 years initially on a fixed rate for 5 years at 5.54% and then on our variable Managed Mortgage Rate, currently 7.94% would require 64 monthly payments of £438.58 and 80 monthly payments of £627.73 plus one initial interest payment of £434.62.

The total amount payable would be £174,996.14 made up of the loan amount plus interest of £78,722.14, an Application Fee of £175, a Product Fee of £999 and a Mortgage Exit Fee of £100.

The overall cost for comparison is 7.1% APRC representative.

More downloads & what you'll need to apply

Identification

We carry out an electronic ID check on all applicants. If this fails you will need to provide us with ID documents.

Bank statements

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:

Last 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.

Other items

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: