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:
(1.64% discount (for 2 years). The interest rate will not go below a floor rate of 2.35%)
|Month 25 onwards||
Standard Variable Rate, Currently:
|Overall cost for comparison||4.5% 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.
You will not have to pay the usual legal fees in securing your new mortgage if our appointed solicitors are used.
Our solicitors act for the Society only to ensure we have good legal claim over your property. You will have to pay for any additional legal work that the solicitors do which is beyond the usual scope of a simple remortgage, for example, change of your name, transfers of equity, deeds of postponement, merger of freehold and leasehold, remedy of any title defect, etc.
One free standard valuation on properties up to £1,000,000 in value
A mortgage of £206,376.00 payable over 16 years and 7 months initially on a discount rate for 2 years at 3.10% and then on our current variable rate of 4.74% for the remaining 14 years and 7 months, would require 24 monthly payments of £1,327.68 and 175 monthly payments of £1,479.99.
The total amount payable would be £291,486.57 made up of the loan amount plus interest (£84,486.57) and Product Fee (£499.00), Mortgage Exit Fees (£125.00).
The overall cost for comparison is 4.5% APRC representative.