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|
Initial Fixed Rate, Currently:
|Month 25 onwards||
Standard Variable Rate, Currently:
|Overall cost for comparison||4.6% APRC|
Interest Rates are fixed.
No Product Fee
No Minimum Loan Size.
Maximum Loan Size of £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.
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.
A mortgage of £224,262.00 payable over 19 years and 2 months initially on a fixed rate for 2 years at 2.01% and then on our current variable rate of 5.24% for the remaining 17 years and 2 months, would require 24 monthly payments of £1,175.71 and 206 monthly payments of £1,508.66.
The total amount payable would be £339,126.00 made up of the loan amount plus interest (£114,739.00), Mortgage Discharge & Sealing Fee. (£75.00) and Despatch Of Title Deeds Fee (£50.00).
The overall cost for comparison is 4.6% APRC representative.