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:
(1.19% discount (for 2 years). The interest rate will not go below a floor rate of 2.80%)
|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 2% 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 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.
This covers basic legal fees on a standard remortgage transaction.
For any other remortgage transaction, there will be additional costs that you will need to pay e.g. telegraphic transfer fee. Where any non-standard work is required to complete the conveyance, these costs must also be met by you. Examples of chargeable fees include; change of name, transfer of equity deed, deed of postponement, merger of freehold/leasehold, remedy of title defects, satisfying special conditions, etc. If the security property is unencumbered or the transaction is not standard, then applicants may be required to appoint their own solicitors to act both on their behalf and the Society’s.
One free standard valuation on properties up to £1,000,000 in value
A mortgage of £200,650.00 payable over 15 years and 1 month initially on a variable discount rate for 2 years at 3.55% and then on our current standard variable rate of 4.74% for the remaining 13 years and 1 month, would require 24 monthly payments of £1,433.32 and 157 monthly payments of £1,538.95.
The total amount payable would be £277,138.83 made up of the loan amount plus interest (£75,364.83) and Product Fee (£999.00), Mortgage Exit Fees (£125.00).
The overall cost for comparison is 4.6% APRC representative.