IF YOU FAIL TO KEEP UP WITH PAYMENTS ON YOUR MORTGAGE A ‘RECEIVER OF RENT’ MAY BE APPOINTED AND/OR YOUR RENTAL PROPERTY MAY BE REPOSSESSED.
Period of Loan | Rate Payable |
Months 1- 24 |
Initial Variable Rate, Currently: 2.35% (2.39% discount) The interest rate will not go below a floor rate of 1.60% |
Month 25 onwards |
Standard Variable Rate, Currently: 4.74% |
Overall cost for comparison |
4.4% APRC |
Interest Rates are variable. All discounts are off our Standard Variable Rate. If our Standard Variable Rate changes, your monthly repayments could go up or down.
D473
None
75% LTV
No minimum loan.
Maximum loan £1 million for any single property or £3 million aggregate lending over a maximum of 3 properties.
Mixed Repayment/Interest only mortgages will be considered. For new borrowers the interest only element cannot exceed 75% 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.
During the first 2 years any additional amount repaid above the 10% permitted will be subject to an Early Repayment Charge of 1% of the amount repaid in years 1 & 2.
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 1% of the amount repaid in years 1 & 2. Following receipt of a lump sum payment, the amount that you owe, and so the amount of interest you pay, is reduced immediately.
None
Representative Example
A mortgage of £208,813.00 payable over 22 years and 7 months initially on a variable discount rate for 2 years at 2.35% and then on our current standard variable rate of 4.74% for the remaining 20 years and 7 months, would require 24 monthly payments of £993.73 and 247 monthly payments of £1,234.25.
The total amount payable would be £328,834.27 made up of the loan amount plus interest (£119,896.27) and Mortgage Exit Fees (£125.00).
The overall cost for comparison is 4.4% APRC representative.