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:
(1.60% discount (for 2 years). The interest rate will not go below a floor rate of 4.14%)
|Month 25 onwards||
Standard Variable Rate, Currently:
|Overall cost for comparison||6.4% 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 in years 1 & 2. After this period no early repayment charges apply.
Regular overpayments are not permitted during the life of the product. Regular overpayments are amounts collected with, and in addition to, your monthly mortgage payments. You can make capital repayments during the life of the product of up to 10% of the balance outstanding when the product was taken out without incurring an Early Repayment Charge. However, any additional amount repaid above the annual 10% permitted will be subject to an Early Repayment Charge. Following receipt of a lump sum payment, the amount of capital you owe will be re-calculated and the amount of interest you pay will be 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 £271,495.21 payable over 22 years and 2 months initially on a variable discount rate for 2 years at 4.89% and then on our current standard variable rate of 6.49% for the remaining 20 years and 2 months, would require 24 monthly payments of £1,673.75 and 242 monthly payments of £1,908.52.
The total amount payable would be £503,030.84 made up of the loan amount plus interest (£230,536.63) and Product Fee (£999.00).
The overall cost for comparison is 6.4% APRC representative.