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 |
| Months 1-24 |
2.00% |
| Month 25 onwards |
Standard Variable Rate, Currently: 5.24% |
| Overall cost for comparison | 4.7% APRC |
F564
No Product Fee
80% LTV
£40,000 to £1,000,000 for any single property
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. Following receipt of a lump sum payment, the amount that you owe, and so the amount of interest you pay, is reduced immediately.
None
You will not have to pay the usual legal fees in securing your new mortgage if our appointed solicitors are used.
Our solicitors act for the Society only to ensure we have good legal claim over your property. You will have to pay for any additional legal work that the solicitors do which is beyond the usual scope of a simple remortgage, for example, change of your name, transfers of equity, deeds of postponement, merger of freehold and leasehold, remedy of any title defect, etc.
One free standard valuation on properties up to £1,000,000 in value
- The maximum Loan to Value is the amount of a mortgage loan expressed as a percentage of the value of the property against which the loan will be secured.
- If you move house during the fixed period you may be able to transfer these product terms, up to the amount of this loan. You can only transfer these terms if you occupy the new property and it is within England and Wales. The loan to value must be no greater than 80%. The new loan must complete at the same time you redeem this loan and you must still meet the Society’s lending criteria at that time.
- For loans greater than £1,000,000 please contact us.
- Mortgage interest is calculated on a daily basis.
- Our Tariff of Mortgage Charges gives details of the charges payable in connection with mortgage applications and additional administration following completion of your loan.
- Loans available to persons aged 18 or over and are subject to status and valuation of a suitable property, over which security will be required. All lending will be subject to appraisal of the financial standing of the applicants.
Representative Example
A mortgage of £174,322.00 payable over 20 years and 11 months initially on a fixed rate for 2 years at 2.00% and then on our current variable rate of 5.24% for the remaining 18 years and 11 months, would require 24 monthly payments of £850.45 and 227 monthly payments of £1,116.72.
The total amount payable would be £274,031.24 made up of the loan amount plus interest (£99,584.24), Mortgage Discharge & Sealing Fee (£75.00) and Despatch Of Title Deeds Fee (£50.00).
The overall cost for comparison is 4.7% APRC representative.
