|Period of Loan||Rate Payable|
Initial Variable Rate, Currently:
|Month 25 onwards||
Standard Variable Rate, Currently:
|Overall cost for comparison||4.8% 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.
£749 (can be added to the loan)
£40,000 to £1,000,000
Mixed Repayment/Interest only mortgages will be considered but the interest only element cannot exceed 50% LTV. This only applies to new borrowers, with existing borrowers being allowed to transfer their existing interest only loan if they move house. Any additional borrowing must be on a repayment basis.
During the first 2 years any additional amount paid above the 5% permitted will be subject to an Early Repayment Charge of 3% of the amount repaid. Following receipt of the lump sum payment, the amount that you owe, and so the interest you pay, is reduced immediately.
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 5% of the original loan amount in each of the first 2 years without an early repayment charge. However, during the first 2 years any additional amount repaid above the 5% permitted will be subject to an Early Repayment Charge of 3% 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.
A mortgage of £213,829 payable over 20 years and 1 month initially on a discounted variable rate for 2 years at 2.47% and then on our current variable rate of 5.24% for the remaining 19 years and 1 month would require 24 monthly payments of £1,126.34 and 217 monthly payments of £1,406.47.
The total amount payable would be £333,769.15 made up of the loan amount plus interest (£118,407.15), product fee (£749), funds transfer fee (£25) valuation fee (£384), legal costs (estimated £250) and mortgage exit fees (£125).
The overall cost for comparison is 4.8% APRC representative.