IF YOU FAIL TO KEEP UP WITH PAYMENTS ON YOUR MORTGAGED PROPERTY (WHICH MAY BE YOUR HOME) A ‘RECEIVER OF RENT’ MAY BE APPOINTED AND/OR YOUR PROPERTY MAY BE REPOSSESSED.
|Period of Loan||Rate Payable|
|Month 25 onwards||
Standard Variable Rate, Currently:
|Overall cost for comparison||5.0% APRC|
1.5% of loan amount
£1,000,000 for any single property or £3,000,000 aggregate lending over a maximum of 3 properties
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 £243,016.00 payable over 19 years and 10 months initially on a fixed rate for 2 years at 4.54% 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 £1,550.66 and 214 monthly payments of £1,574.77.
The total amount payable would be £378,611.86 made up of the loan amount plus interest (£131,200.62) and 1.5% Product Fee (£3,645.24), Telegraphic Transfer Fee, (£25.00), Valuation Fee (£350.00), Mortgage Exit Fees (£125.00), Legal Fees This is an estimated amount and may change. (£250.00).
The overall cost for comparison is 5.0% APRC representative.