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||4.1% 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 of £1,000,000
Mixed Repayment/Interest only mortgages will be allowed but the interest only element cannot exceed 50% LTV. The latter only applies to new borrowers. Existing borrowers will be allowed to switch into a new product and port their interest only loan if they move house. If they wish to borrow more than their current interest only element this must be on a repayment basis. Where borrowers wish to continue with an interest-only loan Society staff must establish how they intend repaying this and where possible encourage those that are able to do so to convert all or part to a repayment basis.
You may make capital repayments without an Early Repayment Charge.
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 without an Early Repayment Charge.
A mortgage of £169,681.89 payable over 17 years and 6 months initially on a discount rate for 2 years at 1.9% and then on our current variable rate of 4.74% for the remaining 15 years and 6 months, would require 24 monthly payments of £950.40 and 186 monthly payments of £1,163.12.
The total amount payable would be £239,274.92 made up of the loan amount plus interest (£69,468.03) and Mortgage Exit Fees (£125.00).
The overall cost for comparison is 4.1% APRC representative.