Later Life 2 - 2 Year Discount 60% LTV

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Green Later Life Mortgages
Later Life 2 - 2 Year Discount 60% LTV

Product details

Maximum Loan To Value (LTV)

60%

Initial Interest Rate

5.09%

Follow On Variable Rate for 4 Years

7.24%

Standard Variable Rate thereafter

8.49%

Overall Cost for Comparison (APRC)

7.60%

Interest Calculated

Daily

Initial Interest Rate: 5.09% (3.40% discount from our Standard Variable Rate for 2 years. The discount is subject to a minimum interest rate floor of 2.00%). The rate will reduce to 4.99% on 28th March 2025 following the scheduled Standard Variable Rate Reduction.

 

This is a limited issue and the Society reserves the right to withdraw this scheme without notice at any time.

Mortgage Summary

The following is a representative example (taking into account the planned Standard Variable Rate reduction scheduled for the 28th March 2025) based on a mortgage of £178,487 payable over 25 years initially on a discounted variable rate of 4.99% for 2 years, a further discounted variable rate of 7.14% for 4 years, followed by our Standard Variable Rate of 8.39%. In this example you would make 24 monthly payments of £1,042.38, 48 payments of £1,262.59 and 228 monthly payments of £1,382.30.

The total amount payable would be £400,835.84 made up of the loan amount plus interest of £222,298.84 and the following cost, a Mortgage Exit Administration Fee (£50.00).

The overall cost for comparison is 7.6% APRC representative.

Note: What you will pay may vary from this and will depend on your personal circumstances.

Cashback

£500 for Further Advances whereby a minimum of 50% of the additional funds are to be used towards Green Home Improvements. Please see the Availability and Suitability section within the Additional Information tab.

Further Advance Fee

There is no further advance application fee for this product if at least 50% of the additional funds are to be used towards Green Home Improvements.

Early Repayment Charge

2.50% of the redemption balance in year 1

1.50% of the redemption balance in year 2

Mortgage Exit Administration Fee

£75.00 (payable on redemption)

Age

Minimum - 18

Maximum - No Maximum Age

Term

Minimum - 2 Years

Maximum - 40 Years

Loan Size

Minimum - £5,000

Maximum - £1,200,000 (Maximum Loan amounts vary by LTV, please refer to our current criteria for details)

Availability and Suitability

Available for existing Later Life mortgage customers who wish to borrow additional funds up to a maximum total LTV of 60%. If you are borrowing for Home Improvements you may qualify for the incentives, but to be eligible you must evidence that a minimum of 50% of the additional funds are to be used towards Green Home Improvements. These could include:
• New windows and doors
• Insulation
• Solar panels
• Ground or air source pumps
This list is not exhaustive, for more ideas on making your home more ‘green’ take a look at our Green Home Guide here:
This type of product may be suitable if you wish to keep your repayments low for the first two years and do not mind your payments varying.
Please speak to your Chorley Building Society mortgage advisor for more details.

Overpayments

The Society will allow overpayments of up to 10% of the redemption balance per annum without invoking an early repayment charge.

Portability

You can keep this mortgage should you move to a new property. This mortgage is portable subject to your status meeting our criteria.

Insurance

Buildings insurance is compulsory in all instances.

What you can expect from us:

  • Individual advice from friendly, qualified mortgage advisers.
  • Legal & valuation incentives (subject to product terms and conditions).
  • A flexible approach to your lending needs.
  • A personal service – one point of contact.
  • A choice of interest-only or capital repayment methods, or a combination of both.
  • We will guide you every step of the way.

At Chorley Building Society, we aim to help you find the mortgage that’s right for you and provide you with the best possible service. Whether looking to purchase a home or remortgage, we are here to help.