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Our mortgages are available through independent mortgage brokers across England and Wales

Interest Only Over 55’s – 3 Year Discounted Rate 1.99%

melton moving home remortgaging
mortgage awards 2019

For borrowers aged 55 and over with an interest only mortgage.  This product allows you to remortgage on a part and part basis (max 50% interest only) enabling you to reduce your capital and increase your equity to facilitate a suitable repayment strategy at the end of your mortgage term, including switching to a lifetime mortgage.

Loan to Value (LTV) A variable rate with 3.00% discount off our standard variable rate (SVR) for 3 years Then changing to our SVR for rest of mortgage term, currently The overall cost for comparison is
75% 1.99% 4.99% 4.4% APRC
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Your home may be repossessed if you do not keep up repayments on your mortgage

Based on a £145,000 mortgage, secured by first charge on your main residential property, repaid on an interest only basis over a 15 year term: 36 monthly payments at a variable rate of 1.99%, (£240.46) £8,656.56. 144 monthly payments at standard variable rate (currently 4.99%), (£602.96) £86,826.24. Basic Valuation fee on property of £441,584, payable when you apply £410 (scale applies). Application fee payable when you apply £199. Completion fee payable at time of legal completion £199. Telegraphic Transfer fee payable when you apply £25. Solicitors fees payable to your conveyancer (estimated) £360. Mortgage Discharge Fee payable at the end of your mortgage £150. Loan amount payable at the end of your mortgage £145,000. Total Amount Payable £241,825.80.


  • Capital and interest repayment, interest only or a combination of the two.  Interest only is only available up to 50% LTV.
  • An Early Repayment Charge applies if overpayments exceed 10% of the balance at the start of each year, within 3 years of completion: 3% during 1st year; 2% during 2nd year; 1% during 3rd year.
  • Maxiumum Loan to Value (LTV) 75%.  LTV restrictions apply in London – contact us for details.
  • Maximum loan amount £200,000
  • Minimum term 5 years
  • Other lending criteria may apply – details available on request.

Additional features

  • This mortgage is portable (terms apply)
  • Overpayments are permitted up to a maximum of 10% of the balance at the start of each year.
  • Option to link Offset Share account
  • Minimum age must be 55 years at application
  • Minimum equity amount £100,000
  • No ex local authority properties accepted
  • Switch to a lifetime mortgage as a permitted repayment strategy subject to feasibility.

Product Code: DISC 030

Working out your mortgage budget

It’s a good idea to know approximately how much you’ll have to spend before you start house hunting. The Melton’s mortgage advisors will help work out an affordability budget with you to give you an indication of how much you may be able to borrow.

Saving for your deposit

Opening a savings account can be a good way to save up for your deposit. Take a look at our range of savings accounts.

Finding your first home

Make friends with the agents. Calling and visiting your estate agents regularly will help ensure you’re the first to know when a hot new property hits the market.
Put aside a whole day, and do a number of viewings (six is the suggested maximum). Go on a weekday if you can – estate agents will give you more time than at the weekend.
Take your own pictures. These are much more useful than glossy agents’ shots. Film your visits on your phone, too. That way, you have something to refer back to.

We’re also here to help with:

Home insurance

We offer competitive buildings and contents insurance in partnership with Uinsure. Find out more.