Your home may be repossessed if you do not keep up repayments on your mortgage. Think carefully before securing other debts against your home.
|Period of Loan||Rate Payable|
Initial Variable Rate, Currently:
|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.
£40,000 to £1,000,000
Mixed Repayment/ Interest only mortgages will be considered. For new borrowers the interest only element cannot exceed 50% LTV. Existing Society borrowers will be allowed to transfer their existing interest only loan if they move house but any additional borrowing must be on a repayment basis. All borrowers will be required to provide evidence of how they intend to repay interest only loans.
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.
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 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 £202,070.00 payable over 16 years and 8 months initially on a discount rate for 2 years at 1.48% and then on our current variable rate of 5.24% for the remaining 14 years and 8 months, would require 24 monthly payments of £1,140.70 and 176 monthly payments of £1,470.71.
The total amount payable would be £287,770.76 made up of the loan amount plus interest (£84,151.76) and Despatch Of Title Deeds Fee (£50.00), Product Fee (£999.00), Mortgage Discharge & Sealing Fee (£75.00), Telegraphic Transfer Fee (£25.00), Administration Fee (£150.00), Legal Fees (Estimated £250.00).
The overall cost for comparison is 4.5% APRC representative.