4.75% Fixed Rate Switch - Max LTV 85%
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 | 4.75% |
| Month 61 Onwards | Standard Variable Rate, Currently: 8.49% |
| Overall Cost For Comparison | 6.9% APRC |
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85% LTV
No minimum loan size.
Maximum loan size £1,000,000.
Mixed Repayment/Interest only mortgages will be allowed but the interest only element cannot exceed 50% LTV. The latter only applies to new borrowers. Existing borrowers will be allowed to switch into a new product and port their interest only loan if they move house. If they wish to borrow more than their current interest only element this must be on a repayment basis. Where borrowers wish to continue with an interest-only loan Society staff must establish how they intend repaying this and where possible encourage those that are able to do so to convert all or part to a repayment basis.
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.
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- The maximum Loan to Value is the amount of a mortgage loan expressed as a percentage of the value of the property against which the loan will be secured.
- If you move house during the fixed period you may be able to transfer these product terms, up to the amount of this loan. You can only transfer these terms if you occupy the new property and it is within England and Wales. The loan to value must be no greater than 85%. The new loan must complete at the same time you redeem this loan and you must still meet the Society’s lending criteria at that time.
- For loans greater than £1,000,000 please contact us.
- Mortgage interest is calculated on a daily basis.
- Our Tariff of Mortgage Charges gives details of the charges payable in connection with mortgage applications and additional administration following completion of your loan.
- Loans available to persons aged 18 or over and are subject to status and valuation of a suitable property, over which security will be required. All lending will be subject to appraisal of the financial standing of the applicants.
Representative example:
A mortgage of £119,654.83 payable over 22 years and 5 months initially on a fixed rate for 5 years at 4.75% and then on our current standard variable rate of 8.49% for the remaining 17 years and 5 months, would require 60 monthly payments of £723.69 and 209 monthly payments of £943.10.
The total amount payable would be £240,529.30 made up of the loan amount plus interest (£120,874.47).
The overall cost for comparison is 6.9% APRC representative.
