Lifetime Mortgages
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP YOUR REPAYMENTS ON YOUR MORTGAGE
With effect from 12.00 noon on Monday, 9th February 2009 this product is available for residential properties throughout England and Wales:
- to existing Holmesdale Building Society members; or
- to non-members (via intermediaries or direct).
Lending Criteria
- Minimum age 70 years or 160 years joint for married couples, although applications from younger persons will be considered.
- Minimum loan £26,000.
- Maximum loan £100,000 or 25% of valuation whichever is the least.
- Interest rate - standard variable rate which is currently 4.89% (the overall cost for comparison is 5.40% APR for an interest roll-up mortgage).
- Interest may be "rolled-up" or paid monthly.
- When the balance, including capitalised interest, reaches 50% of the latest valuation, the Society reserves the right to collect full interest payments on the outstanding debt and to request a new valuation report.
- Loan to be repaid in full on the sale of the property, or death of the last survivor, whichever is the earlier.
- The account to be reviewed annually at the Society's financial year-end on 31st March. If at any time the debt reaches 50% of the latest recorded valuation, the property must be re-valued at the borrower's expense.
- Borrowers will be recommended to take independant legal and financial advice to ensure that the implications of a Lifetime Mortgage on an interest roll-up basis are fully understood.
This is a Lifetime mortgage. To understand the features and risks, ask for a personalised illustration.
All loans subject to status and valuation.