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: 5.74% 1.25% discount (for 2 years). The interest rate will not go below a floor rate of 2.74%) |
| Month 25 onwards |
Standard Variable Rate, Currently: 6.99% |
| Overall cost for comparison | 7.0% 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.
D490
None
95% LTV
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.
You may make capital repayments without an Early Repyment Charge.
You may make capital repayments without an Early Repyment Charge.
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.
- Available in England and Wales.
- 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 95%. 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 £500,000 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 £193881.47 payable over 29 years and 3 months initially on a variable discount rate for 2 years at 5.74% and then on our current standard variable rate of 6.99% for the remaining 27 years and 3 months, would require 24 monthly payments of £1141.16 and 327 monthly payments of £1291.01.
The total amount payable would be £449548.11 made up of the loan amount plus interest (£255,666.64).
The overall cost for comparison is 7.0% APRC representative.
