2 Year Discount Rate Switch Mortgage For Existing Borrowers Only (up to 90% LTV*) - D234

This rate switch package offers lower monthly payments during the first 2 years and has no product fee. At the end of the discount period interest will revert to our Standard Variable Rate for the remainder of the life of the mortgage.

Your home may be repossessed if you do not keep up repayments on your mortgage. Think carefully before securing other debts against your home.

Interest Rates:

For Rate Switch

Period of loan Rate Payable Additional Information
Months 1-24 (2.00% discount) Variable Rate Currently 2.99% No Product Fee
Month 25 onwards (no discount) Standard Variable Rate Currently 4.99%
The overall cost for comparison is: 4.6% APRC

Interest rates are variable. All discounts are off our Standard Variable Rate currently 4.99%.  

Product Code: D256

Key Features:

Product Fee None
Maximum Loan to Value % The maximum loan to value is 90% within our lending area only**
Loan Size £40,000 to £475,000 for any single property
Repayment Type Repayment Only
Early Repayment Charge During the first 2 years an early repayment charge of 2% of the amount repaid will be incurred. After this period no early repayment charges apply.
Overpayments Regular overpayments are not permitted during the first 2 years from completion. Regular overpayments are amounts collected with, and in addition to, your monthly mortgage payments You may make capital repayments of up to 10% of the original sum borrowed in each of the first 2 years without an early repayment charge However, during the first 2 years any additional amount repaid above the 10% permitted will be subject to an Early Repayment Charge of 2% of the amount repaid. Following receipt of a lump sum payment, the amount that you owe, and so the amount of interest you pay, is reduced immediately.
Application Fee None

Further Information:

  • *The maximum Loan to Value is the amount of a mortgage loan expressed as a percentage of the value of the property against which the loan will be secured.
  • **Our lending area is England and Wales.
  • If you move house during the discount period you may be able to transfer these product terms, up to the amount of this loan. You can only transfer these terms if you occupy the new property and it is within our lending area of England & Wales. The new loan must complete at the same time you redeem this loan and you must still meet the Society’s lending criteria at that time.
  • For loans greater than £475,000 please contact us.
  • Mortgage interest is calculated on a daily basis.
  • Our Tariff of Mortgage Charges gives details of the charges payable in connection with mortgage applications and additional administration following completion of your loan.
  • Loans available to persons aged 18 or over and are subject to status and valuation of a suitable property, over which security will be required. All lending will be subject to appraisal of the financial standing of the applicants.

Representative example:

A mortgage of £124,333 payable over 26 years and 3 months initially on a discount rate for 2 years at 2.09% and then on our current variable rate of 4.99% for the remaining 24 years and 3 months would require 24 monthly payments of £513.17 and 291 monthly payments of £694.38.

The total amount payable would be £214,505.66 made up of the loan amount plus interest (£90,047.66) and mortgage exit fees (£125).

The overall cost for comparison is 4.6% APRC representative.                   


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