IF YOU FAIL TO KEEP UP WITH PAYMENTS ON YOUR MORTGAGE A ‘RECEIVER OF RENT’ MAY BE APPOINTED AND/OR YOUR RENTAL PROPERTY MAY BE REPOSSESSED.
|Period of Loan||Rate Payable|
|Month 60 onwards||
Standard Variable Rate, Currently:
|Overall cost for comparison||3.9% APRC|
£40,000 to £1,000,000 or £3,000,000 aggregate lending over a maximum of 3 properties.
Mixed Repayment/Interest only mortgages will be considered.
During the first 5 years any additional amount repaid above the 5% permitted will be subject to an Early Repayment Charge of 5% of the amount repaid in year 1, 4% of the amount repaid in year 2, 3% of the amount repaid in year 3, 2% of the amount repaid in year 4 & 2% of the amount repaid in year 5.
Regular overpayments are not permitted during the fixed rate period. Regular overpayments are amounts collected with, and in addition to, your monthly mortgage payments. You may make capital repayments of up to 5% of the amount outstanding at the time of the rate switch in each of the first 5 years, without an early repayment charge. However, during the first 5 years any additional amount paid above the 5% permitted will be subject to an Early Repayment Charge of 5% of the amount repaid in year 1, 4% of the amount repaid in year 2, 3% of the amount repaid in year 3, 2% of the amount repaid in year 4 and 2% of the amount repaid in year 5. Following receipt of the lump sum payment, the amount that you owe, and so the interest you pay, is reduced immediately.
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 £151,550.00 payable over 20 years and 6 months initially on a fixed rate for 5 years at 2.80% and then on our current variable rate of 4.74% for the remaining 15 years and 6 months, would require 60 monthly payments of £810.39 and 186 monthly payments of £928.63.
The total amount payable would be £221,972.58 made up of the loan amount plus interest (£69,798.58) and Product Fee (£499.00), Mortgage Exit Fees (£125.00).
The overall cost for comparison is 3.9% APRC representative.