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:
The interest rate will not go below a floor rate of 1.00%
|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.
£40,000 to £1,000,000
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.
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 of 1% of the amount repaid. 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.
During the first 2 years any additional amount repaid above the 10% permitted will be subject to an Early Repayment Charge of 1% of the amount repaid in years 1 & 2. After this period no early repayment charges apply.
You will not have to pay the usual legal fees in securing your new mortgage if our appointed solicitors are used.
Our solicitors act for the Society only to ensure we have good legal claim over your property. You will have to pay for any additional legal work that the solicitors do which is beyond the usual scope of a simple remortgage, for example, change of your name, transfers of equity, deeds of postponement, merger of freehold and leasehold, remedy of any title defect, etc.
One free standard valuation on properties up to £1,000,000 in value
A mortgage of £209,855.00 payable over 16 years and 10 months initially on a variable discount rate for 2 years at 1.75% and then on our current standard variable rate of 4.74% for the remaining 14 years and 10 months, would require 24 monthly payments of £1,200.16 and 178 monthly payments of £1,472.89.
The total amount payable would be £291,602.26 made up of the loan amount plus interest (£81,123.26) and Product Fee (£499.00), Mortgage Exit Fees (£125.00).
The overall cost for comparison is 4.1% APRC representative.