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:
(1.44% discount (for 2 years). The interest rate will not go below a floor rate of 2.55%)
|Month 25 onwards||
Standard Variable Rate, Currently:
|Overall cost for comparison||4.6% 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.
Minimum loan size £40,000
Maximum loan size £1,000,000 for any single property or £3,000,000 aggregate lending over a maximum of 3 properties.
Mixed Repayment/Interest only mortgages will be considered
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.
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. 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 £243,016.00 payable over 19 years and 10 months initially on a variable discount rate for 2 years at 3.30% and then on our current standard variable rate of 4.74% for the remaining 17 years and 10 months, would require 24 monthly payments of £1,392.77 and 214 monthly payments of £1,560.07.
The total amount payable would be £368,680.46 made up of the loan amount plus interest (£124,265.46) and Mortgage Exit Fees (£125.00), Product Fee (£499.00), Telegraphic Transfer Fee, (£25.00), Valuation Fee (£350.00), Administration Fee (£150.00), Legal Fees This is an estimated amount and may change. (£250.00).
The overall cost for comparison is 4.6% APRC representative.