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:
(3.09% discount (for 2 years). The interest rate will not go below a floor rate of 0.90%)
|Month 25 onwards||
Standard Variable Rate, Currently:
|Overall cost for comparison||3.9% 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 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.
A mortgage of £149,845.00 payable over 13 years and 11 months initially on a discount rate for 2 years at 1.65% and then on our current variable rate of 4.74% for the remaining 11 years and 11 months, would require 24 monthly payments of £1,004.85 and 143 monthly payments of £1,195.00.
The total amount payable would be £195,126.40 made up of the loan amount plus interest (£45,156.40) and Mortgage Exit Fees (£125.00).
The overall cost for comparison is 3.9% APRC representative.