|Period of Loan||Rate Payable|
Initial Fixed Rate, Currently:
|Month 25 onwards||
Standard Variable Rate, Currently:
|Overall cost for comparison||4.7% APRC|
Minimum loan size: £40,000
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. 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 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 £224,051.00 payable over 21 years and 8 months initially on a fixed rate for 2 years at 3.60% and then on our current variable rate of 4.74% for the remaining 19 years and 8 months, would require 24 monthly payments of £1,242.29 and 236 monthly payments of £1,368.99.
The total amount payable would be £354,735.60 made up of the loan amount plus interest (£128,845.60) and Product Fee (£999.00), Mortgage Exit Fees (£125.00), Telegraphic Transfer Fee, (£25.00), Valuation Fee (£290.00), Administration Fee (£150.00), Legal Fees This is an estimated amount and may change. (£250.00).
The overall cost for comparison is 4.7% APRC representative.