Common use of Term of the Loan Clause in Contracts

Term of the Loan. There is a minimum mortgage term of 5 years for all mortgages, other than for existing borrowers moving home borrowing the same or less. The maximum term is 40 years (or 25 years for interest- only, where sale of the property is the repayment vehicle). Applicants who request a mortgage term that would take them beyond their intended retirement age are declined. An intended retirement age of more than 75 years is not accepted. Applicants who have already retired are eligible for a mortgage. Existing borrowers moving home borrowing the same or less can maintain an existing loan part that extends beyond their retirement age subject to, inter alia, any increased loan amount having a term that does not extend beyond the existing mortgage term, and the loan being assessed as affordable in retirement.

Term of the Loan. There is a minimum mortgage term of 5 years for all mortgages, other than for existing borrowers moving home borrowing the same or lessless in which case the minimum term is 1 year. The maximum term is 40 35 years (or 25 years for interest- only, where sale of the property is the repayment vehiclea pure interest-only or a Buy to Let product). Applicants who request a mortgage term that would take them beyond their intended retirement age are declined. An intended retirement age of more than 75 years is not accepted. Applicants who have already retired are eligible for a mortgage. Existing borrowers moving home borrowing the same or less can maintain an existing loan part that extends beyond their retirement age subject to, inter alia, any increased loan amount having a term that does not extend beyond the existing mortgage term, and the loan being assessed as affordable in retirement.

Term of the Loan. There is a minimum mortgage term of 5 years for all mortgages, other than for existing borrowers moving home borrowing the same or lessless in which case the minimum term is 1 year. The maximum term is 40 years (or 25 years for interest- interest-only, where sale of the property is the repayment vehicle). Applicants who request a mortgage term that would take them beyond their intended retirement age are declined. An intended retirement age of more than 75 years is not accepted. Applicants who have already retired are eligible for a mortgage. Existing borrowers moving home borrowing the same or less can maintain an existing loan part that extends beyond their retirement age subject to, inter alia, any increased loan amount having a term that does not extend beyond the existing mortgage term, and the loan being assessed as affordable in retirement.