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||4.3% 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.
No Product Fee
No minimum loan size.
Maximum loan size £500,000.
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.
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 £214,936.99 payable over 20 years and 11 months initially on a discount rate for 2 years at 1.99% and then on our current variable rate of 4.74% for the remaining 18 years and 11 months, would require 24 monthly payments of £1,047.57 and 227 monthly payments of £1,322.78.
The total amount payable would be £325,537.74 made up of the loan amount plus interest (£110,475.75) and Mortgage Exit Fees (£125.00).
The overall cost for comparison is 4.3% APRC representative.