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 - 60||4.85%|
|Month 61 Onwards||Standard Variable Rate, Currently:
|Overall Cost For Comparison||7.1% APRC|
£40,000 to £300,000
Capital Repayment mortgages ONLY. This is aligned to the accepted mortgage repayment types when purchasing with the support of the Help to Buy Wales Equity Loan Scheme.
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.
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.
A mortgage of £184016.60 payable over 21 years and 2 months initially on a fixed rate for 5 years at 4.85% and then on our current standard variable rate of 8.49% for the remaining 16 years and 2 months, would require 60 monthly payments of £1160.22 and 194 monthly payments of £1496.24.
The total amount payable would be £360614.76 made up of the loan amount plus interest (£175,867.16) and Administration Fee (£150.00), Telegraphic Transfer Fee, payable to Monmouthshire Building Society on completion. (£11.00), Valuation Fee (£320.00), Legal Fees This is an estimated amount and may change. (£250.00).
The overall cost for comparison is 7.1% APRC representative.