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|
|Month 25 onwards||
Standard Variable Rate, Currently:
|Overall cost for comparison||6.8% APRC|
£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 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 amount outstanding at the time of the remortgage in each of the first 2 years, without an early repayment charge. However, during the first 2 years any additional amount paid above the 10% permitted will be subject to an Early Repayment Charge of 3% of the amount repaid. Following receipt of the lump sum payment, the amount that you owe, and so the interest you pay, is reduced immediately.
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.
This covers basic legal fees on a standard remortgage transaction.
For any other remortgage transaction, there will be additional costs that you will need to pay e.g. telegraphic transfer fee. Where any non-standard work is required to complete the conveyance, these costs must also be met by you. Examples of chargeable fees include; change of name, transfer of equity deed, deed of postponement, merger of freehold/leasehold, remedy of title defects, satisfying special conditions, etc. If the security property is unencumbered or the transaction is not standard, then applicants may be required to appoint their own solicitors to act both on their behalf and the Society’s.
One free standard valuation on properties up to £1,000,000 in value
A mortgage of £187867.10 payable over 27 years initially on a fixed rate for 2 years at 4.90% and then on our current standard variable rate of 6.99% for the remaining 25 years, would require 24 monthly payments of £1046.63 and 300 monthly payments of £1276.95.
The total amount payable would be £408703.12 made up of the loan amount plus interest (£220,337.02) and Product Fee (£499.00).
The overall cost for comparison is 6.8% APRC representative.