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||4.6% APRC|
Interest Rates are variable. All discounts are off our Standard Variable Rate.
No Product Fee
£40,000 to £1,000,000 for any single property
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.
Capital repayments allowed up to 10% of the amount outstanding at the time of the rate switch, in each of the first 2 years, without an Early Repayment Charge.
An Early Repayment Charge of 1% applies to any repayments made over the 10%.
After the discount rate period the loan reverts to the SVR.
During the first 2 years any additional amount paid above the 10% permitted will be subject to an Early Repayment Charge of 1% of the amount repaid. Following receipt of the lump sum payment, the amount that you owe, and so the interest you pay, is reduced immediately.
A mortgage of £192,260.00 payable over 21 years and 10 months initially on a discount rate for 2 years at 1.74% and then on our current variable rate of 5.24% for the remaining 19 years and 10 months, would require 24 monthly payments of £882.54 and 238 monthly payments of £1,200.95.
The total amount payable would be £307,132.06 made up of the loan amount plus interest (£114,747.06), Mortgage Discharge & Sealing Fee (£75.00), and Despatch Of Title Deeds Fee (£50.00).
The overall cost for comparison is 4.6% APRC representative.