Founded in 1924 in Stockport, Cheshire, the Vernon is an independent, mutual building society. They aim to provide competitive mortgages, savings and investment products and to be a trusted source of reliable financial advice within their local community.
Vernon offer a range of RIO mortgages with 3,5-year fixed, discounted rate and discounted rate offset terms. For borrowers with an LPA in place, the Society offers a discount to the rates available.
The maximum Vernon will lend across the range is 50% of the value of the property (the LTV).
To apply, the homeowner must be 55+ and already retired. The minimum term is 5 years and the minimum loan size is £25,000.
Affordability is judged on an individual basis, so for joint applications, each borrower must have enough income in their own right to afford the monthly interest repayments.
The ‘big 6’ high street banks - that is Halifax, Barclays, Lloyds, HSBC, Santander and Royal Bank of Scotland (RBS) don’t currently offer lifetime mortgages or other equity release plans themselves.
Recently, Nationwide entered the lifetime mortgage market but instead of offering its own range of plans, it refers its members to Pure Retirement
We understand that with different options to choose from, it can be difficult to find the right lifetime
mortgage plan provider for you. That’s why our team of expert and impartial advisers are on hand to answer
all your questions and find the right solution for you.
It costs nothing to give us a call and the first and only person you’ll speak to is your local adviser. That’s because we don’t have call centres. Just highly qualified and experienced advisers ready to help you.