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||5.70%|
|Month 61 Onwards||Standard Variable Rate, Currently: 7.49%|
|Overall Cost For Comparison||7.1% APRC|
£40,000 to £1,000,000
Mixed Repayment/Interest Only mortgages will be considered. For new borrowers the interest only element cannot exceed 50% 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.
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.
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 £93328.12 payable over 28 years initially on a fixed rate for 5 years at 5.70% and then on our current standard variable rate of 7.49% for the remaining 23 years, would require 60 monthly payments of £556.55 and 276 monthly payments of £650.35.
The total amount payable would be £213888.60 made up of the loan amount plus interest (£119,561.48) and Product Fee (£999.00).
The overall cost for comparison is 7.1% APRC representative.