5 Year Fixed Rate Switch Mortgage For Existing Borrowers Only (up to 80% LTV*) - F418

The interest rate for this product is fixed for five years, this means you can plan your finances with more certainty. At the end of the fixed rate period the interest rate will revert to our Standard Variable Rate.

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:

Rate Switch Only

Period of loan Rate Payable Additional Information
Months 1-60 2.09% Fixed Rate £999 Product Fee - can be added to the loan
Month 61 onwards Standard Variable Rate Currently 4.74%
The overall cost for comparison is: 3.8% APRC

Product Code: F418

Key Features:

Product Fee £999 (Can be added to the loan)
Maximum Loan to Value % The maximum loan to value is 80%
Loan Size Up to £500,000
Repayment Type Mixed Repayment/Interest only mortgages will be allowed but the interest only element cannot exceed 50% LTV. The latter only applies to new borrowers. Existing borrowers will be allowed to switch into a new product and port their interest only loan if they move house. If they wish to borrow more than their current interest only element this must be on a repayment basis. Where borrowers wish to continue with an interest-only loan Society staff must establish how they intend repaying this and where possible encourage those that are able to do so to convert all or part to a repayment basis.
Early Repayment Charge During the first 5 years any additional amount repaid above the 10% permitted will be subject to an Early Repayment Charge of 5% of the amount repaid within the first year then 4% for the second year, 3% for the third year, then 2% for the final two years.
Overpayments • Regular overpayments are not permitted during the first 5 years from completion. Regular overpayments are amounts collected with, and in addition to, your monthly mortgage payments. •You may make make capital repayments of up to 10% of the mortgage balance in each of the first 5 years without an early repayment charge. • However, during the first 5 years any additional amount repaid above the 10% permitted will be subject to an Early Repayment Charge of 5% of the amount repaid within first year, then 4% for second year, 3% for third year, then 2% for final two years.

Further Information:

  • *The maximum Loan to Value is the amount of a mortgage loan expressed as a percentage of the purchase price or valuation, whichever is the lower.
  • Available in England and Wales.
  • If you move house during the fixed rate 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 England and Wales. The loan to value must be no greater than 80%. 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. An Early Repayment Charge will apply if: you do not take out a new loan with the Society; the new loan does not meet the criteria for this product; or the new loan is for less than this loan.
  • Our house purchase products are available to both new and existing borrowers who are looking to purchase a house.
  • For loans greater than £500,000 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 £166,177 payable over 24 years and 11 months initially on a fixed rate for 5 years at 2.09% and then on our current variable rate of 4.74%  for the remaining 19 years and 11 months would require 24 monthly payments of £713.47 and 239 monthly payments of £902.22.

    The total amount payable would be £259,562.78 made up of the loan amount plus interest (£92,261.78), product fee (£999) and mortgage exit fees (£125).

    The overall cost for comparison is 3.8% APRC representative.

Links to further important information and details of how to apply can be found on the top right-hand-side of this page.

Monmouthshire House, John Frost Square, Newport, NP20 1PX
Tel: 01633 844444
Fax: 01633 844445 

Monmouthshire Building Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Financial Services Register Number: 206052.

 
 


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