3.54% discounted rate Retirement Interest Only with flexible features - XDZL04

Our RIO mortgage with flexible features allows overpayments, underpayments, payment holidays and a borrow back facility.

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Initial Rate	Initial Rate Duration	Follow On Rate	Max. LTV	Application Fee	Product Fee	Cashback on Completion	Repayment	Interest Only	FTB
3.54%	n/a years	4.49%	50%	£175*	£999**	£250^	No	Yes	No

Discount - 0.95% discount applied to our Managed Flexi Mortgage Rate for term
Maximum loan - No maximum. Loans above £500,000 should be referred to us for specific agreement before submission of an application
LTV - Maximum LTV 50%
Early Repayment Charges - 3% in the first year, 2% in the second year and 1% in the third year. Charged on the original loan amount
Overpayments - Allowed, Early Repayment Charges free, where the mortgage is not fully redeemed
Cost for comparison - 3.8% APRC
Minimum interest - 3.44%
Purpose - Purchase and remortgage, product switch and further advance
*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 - For remortgages, a cashback of £250 is payable on completion of the mortgage

All applicants

ID documents if the electronic check we carry out on all our applicants fails
Three full months most recent consecutive bank statements for all current accounts, to evidence all income and outgoings
Bank statements must show the applicant's name, account number, sort code & bank logo

Property or investment income applicant

Employed applicant

Self employed applicant

Two years most recent accounts or two years most recent SA302s / Tax Calculations (100% Completed) or FBS Accountants Certificate
Accountant’s details on the application form

Applicant is already retired or if the term goes beyond retirement or age 70

Applicant renting current home

Applicant already has a mortgage

We require 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

Applicant has background BTL(s)

Evidence of rent being paid in and mortgage being paid out (bank statements requested above may already cover this)

Applicants with purchase deposits

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)

RIO mortgages

Fees for this product

Standard fees

*Application Fee - £175 + Valuation Fee
Valuation Fee - Free for properties up to £500,000. For properties over £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 loan amount

Procuration fees (gross fee paid)

Directly authorised brokers submitting business to us directly - 0.40%, min £225.00
Submitting a case via Mortgage Clubs - 0.42%, min £189.00 (Mortgage Clubs will deduct 0.02%)

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Find out how much your residential client may be able to borrow. To see affordability for a Buy to Let client, use our Buy to Let calculator