|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.
No Product Fee
£50,000 to £500,000
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 an early repayment charge of 3% of the amount repaid will be incurred. After this period no early repayment charges apply.
One Free Standard Valuation (On Properties up to £1 Million in Value)
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 £201,107 payable over 17 years and 8 months initially on a discounted variable rate for 2 years at 2.74% and then on our current variable rate of 5.24% for the remaining 15 years 8 months would require 24 monthly payments of £1,197.73 and 188 monthly payments of £1,428.31.
The total amount payable would be £297,642.80 made up of the loan amount plus interest (£96,160.80), legals fees (estimated £250) and mortgage exit fees (£125).
The overall cost for comparison is 4.8% APRC representative.