IF YOU FAIL TO KEEP UP WITH PAYMENTS ON YOUR MORTGAGE A ‘RECEIVER OF RENT’ MAY BE APPOINTED AND/OR YOUR PROPERTY MAY BE REPOSSESSED.
|Period of Loan||Rate Payable|
Initial Variable Rate, Currently:
|Month 25 onwards||
Standard Variable Rate, Currently:
|Overall cost for comparison||4.9% 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.
£40,000 to £1,000,000 for any single property
Repayment, interest only or mixed repayment/interest only
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.
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 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 5% 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.
A mortgage of £84,361.00 payable over 20 years and 1 month initially on a discount rate for 2 years at 2.25% and then on our current variable rate of 5.24% for the remaining 18 years and 1 month, would require 24 monthly payments of £435.39 and 217 monthly payments of £553.85.
The total amount payable would be £132,383.81 made up of the loan amount plus interest (£46,273.81) and Despatch Of Title Deeds Fee (£50.00), Product Fee (£999.00), Mortgage Discharge & Sealing Fee (£75.00), Telegraphic Transfer Fee (£25.00), Valuation Fee on application (£200.00), Administration Fee on application. (£150.00), Legal Fees (Estimated £250.00).
The overall cost for comparison is 4.9% APRC representative.