IF YOU FAIL TO KEEP UP WITH PAYMENTS ON YOUR MORTGAGED PROPERTY (WHICH MAY BE YOUR HOME) A ‘RECEIVER OF RENT’ MAY BE APPOINTED AND/OR YOUR PROPERTY MAY BE REPOSSESSED.
|Period of Loan||Rate Payable|
Initial Variable Rate, Currently:
The interest rate will not go below a floor rate of 3.24%
|Month 25 onwards||
Standard Variable Rate, Currently:
|Overall cost for comparison||4.9% 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.
1.50% of loan amount
£1,000,000 for any single property or £3,000,000 aggregate lending over a maximum of 3 properties
During the first 2 years an early repayment charge of 3% of the amount repaid will be incurred. After this period no early repayment charges apply.
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 of up to 10% of the original sum borrowed in each of the first 2 years without an early repayment charge. However, during the first 2 years any additional amount repaid above the 10% permitted will be subject to an Early Repayment Charge of 3% of the amount repaid in years 1 & 2. Following receipt of a lump sum payment, the amount that you owe, and so the amount of interest you pay, is reduced immediately.
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.
These terms may be transferred to any new loan up to the amount of this loan, provided it is used for the same purpose, completes at the same time as redemption of this loan and you still meet the Society’s lending criteria at that time. If the new loan is for less than this loan or you do not transfer these terms, an early repayment charge is payable on the difference between the amount of this loan and the amount transferred. All loans must be secured on suitable property within England and Wales. The loan to value must be no greater than 70% and the mortgage type must remain the same.
A mortgage of £208,813.00 payable over 22 years and 7 months initially on a variable discount rate for 2 years at 3.99% and then on our current standard variable rate of 4.74% for the remaining 20 years and 7 months, would require 24 monthly payments of £1,170.32 and 247 monthly payments of £1,250.01.
The total amount payable would be £340,692.35 made up of the loan amount plus interest (£128,027.15) and 1.5% Product Fee (£3,132.20), Telegraphic Transfer Fee, (£25.00), Valuation Fee (£320.00), Mortgage Exit Fees (£125.00), Legal Fees This is an estimated amount and may change. (£250.00).
The overall cost for comparison is 4.9% APRC representative.