IF YOU FAIL TO KEEP UP WITH PAYMENTS ON YOUR MORTGAGE A ‘RECEIVER OF RENT’ MAY BE APPOINTED AND/OR YOUR PROPERTY MAY BE REPOSSESSED.
|Period of Loan||Rate Payable|
Initial Fixed Rate, Currently:
|Month 25 onwards||
Standard Variable Rate, Currently:
|Overall cost for comparison||4.6% APRC|
No Product Fee
No minimum loan size.
Maximum loan size of £1,000,000 for any single property or £3 million aggregate.
Mixed Repayment/Interest only mortgages will be considered. For new borrowers the interest only element cannot exceed 75% 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 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. Following receipt of a lump sum payment, the amount that you owe, and so the amount of interest you pay, is reduced immediately.
A mortgage of £243,134.71 payable over 19 years and 10 months initially on a fixed rate for 2 years at 3.49% and then on our current standard variable rate of 4.74% for the remaining 17 years and 10 months, would require 24 monthly payments of £1,417.03 and 214 monthly payments of £1,563.17.
The total amount payable would be £368,652.10 made up of the loan amount plus interest (£125,392.39) and Mortgage Exit Fees (£125.00).
The overall cost for comparison is 4.6% APRC representative.