IF YOU FAIL TO KEEP UP WITH PAYMENTS ON YOUR MORTGAGE A ‘RECEIVER OF RENT’ MAY BE APPOINTED AND/OR YOUR 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 £2,000,000 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.
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
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.