3.49% 5 year fixed rate Retirement Interest-Only - XFZ009
- Purpose - RIO applications for purchase, remortgage, product switch and additional borrowing
- LTV - 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)
- ^Cashback - £500 for remortgage applications.
- Early Repayment Charges - 5% until 31/01/2023, 4% until 31/01/2024, 3% until 31/01/2025, 2% until 31/01/2026, 1% until 31/01/2027
- Overpayments - 10% per year allowed Early Repayment Charges free
- 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.
- Cost for comparison - 4.2% APRC
- Additional criteria - The mortgage must complete by 01/02/2022
- 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
- Two years most recent SA302s
- Three months most recent payslips
- Most recent P60
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
- Most recent Pension Statement or letter from Department for Work and Pensions
- Most recent annual Pension Statement
- Most recent P60
Applicant renting current home
- 12 months bank statements showing rent payments
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)
- Completed Registered Contact Declaration
Purchase and remortgage 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 for purchase and remortgage applications (gross fee paid)
- Directly authorised brokers submitting business to us directly - 0.40%, min £180.00
- Submitting a case via Mortgage Clubs - 0.42%, min £189.00 (Mortgage Clubs will deduct 0.02%)
Further advance fees
- *Application Fee - £125
- Valuation Fee - £0
- Product Fee - £0
- Legal Fees - £100 + disbursements
Procuration fees for further advances (gross fee paid)
- Directly authorised brokers submitting business to us directly - 0.25%, min £5.00
- Submitting a case via Mortgage Clubs - 0.27%, min £5.40 (Mortgage Clubs will deduct 0.02%)
Product switch fees
- No fees apply to switch to a new product with us on the same terms.
Procuration fees for product switches (gross fee paid)
- Directly authorised brokers submitting business to us directly - 0.20%, no min
- Submitting a case via Mortgage Clubs - 0.22%, no min (Mortgage Clubs will deduct 0.02%)
For further fee information click here
- RIO mortgage additional information (M290)
- FBS Owner Occupier Mortgage Application Form (Interactive version) (M/025)
- FBS Owner Occupier Minimum Documents Required Checklist (M/260)
- FBS Owner Occupier Mortgage Additional Applicants Form (M/115)
- FBS Registered Contact Declaration for RIO mortgages (M/280)
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