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 |
| Months 1-24 |
Initial Variable Rate, Currently: 1.40% (3.34% discount (for 2 years). The interest rate will not go below a floor rate of 0.65%) |
| Month 25 onwards |
Standard Variable Rate, Currently: 4.74% |
| Overall cost for comparison | 3.8% 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. The interest rate will not go below the floor rate.
D459
No Product Fee
75% LTV
No minimum loan size.
Maximum loan size of £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.
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.
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 amount borrowed / 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 reduce (or be re-calculated) and the amount of interest you pay will be reduced immediately.
None
- The maximum Loan to Value is the amount of a mortgage loan expressed as a percentage of the value of the property against which the loan will be secured.
- If you move house during the discount period you may be able to transfer these product terms, up to the amount of this loan. You can only transfer these terms if you occupy the new property and it is within England and Wales. The loan to value must be no greater than 75%. The new loan must complete at the same time you redeem this loan and you must still meet the Society’s lending criteria at that time.
- For loans greater than £1,000,000 please contact us.
- Mortgage interest is calculated on a daily basis.
- Our Tariff of Mortgage Charges gives details of the charges payable in connection with mortgage applications and additional administration following completion of your loan.
- Loans available to persons aged 18 or over and are subject to status and valuation of a suitable property, over which security will be required. All lending will be subject to appraisal of the financial standing of the applicants.
Representative Example
A mortgage of £148,142.00 payable over 12 years and 10 months initially on a discount rate for 2 years at 1.40% and then on our current variable rate of 4.74% for the remaining 10 years and 10 months, would require 24 monthly payments of £1,051.52 and 130 monthly payments of £1,248.72.
The total amount payable would be £187,695.08 made up of the loan amount plus interest (£39,428.08) and Mortgage Exit Fees (£125.00).
The overall cost for comparison is 3.8% APRC representative.
