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 61 onwards||
Standard Variable Rate, Currently:
|Overall cost for comparison||4.3% APRC|
No minimum loan size.
Maximum loan size of £1 million for any single property or £3 million aggregate.
Mixed Repayment/Interest only mortgages will be considered. For new borrowers the interest only element cannot exceed 75% 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 5 years any additional amount repaid above the 10% 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 life of the product. Regular overpayments are amounts collected with, and in addition to, your monthly mortgage payments. You can make capital repayments during the life of the product of up to 10% of the balance outstanding when the product was taken out without incurring an Early Repayment Charge. However, any additional amount repaid above the annual 10% permitted will be subject to an Early Repayment Charge. Following receipt of a lump sum payment, the amount of capital you owe will be re-calculated and the amount of interest you pay will be reduced immediately.
A mortgage of £202,199.00 payable over 18 years and 8 months initially on a fixed rate for 5 years at 3.20% and then on our current variable rate of 5.24% for the remaining 13 years and 8 months, would require 60 monthly payments of £1,200.12 and 164 monthly payments of £1,361.97.
The total amount payable would be £295,495.28 made up of the loan amount plus interest (£93,171.28) and Mortgage Exit Fees (£125.00).
The overall cost for comparison is 4.3% APRC representative.