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||4.7% APRC|
No Minimum Loan Size
Maximum loan size: £1,000,000 for any single property or £3,000,000 aggregate lending over a maximum of 3 properties
Mixed Repayment/ Interest only mortgages will be considered.
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.
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 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 be re-calculated and the amount of interest you pay will be reduced immediately.
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 £338,009.22 made up of the loan amount plus interest (£128,027.15) and 0.50% Product Fee, (£1,044.07), Mortgage Exit Fees (£125.00).
The overall cost for comparison is 4.7% APRC representative.