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|
Initial Fixed Rate:
|Month 61 onwards||
Standard Variable Rate, Currently:
|Overall cost for comparison||4.4% APRC|
No Product Fee
£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 first 5 years from completion. Regular overpayments are amounts collected with, and in addition to, your monthly mortgage payments. You may make capital repayments of up to 10% of the original sum borrowed in each of the first 5 years without an early repayment charge. However, 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. Following receipt of a lump sum payment, the amount that you owe, and so the amount of interest you pay, is reduced immediately.
During the first 5 years any additional amount paid 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 and 2% of the amount repaid in year 4 and 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 £115,884 payable over 23 years initially on a fixed rate for 2 years at 3.00% and then on our current variable rate of 5.24% for the remaining 18 years would require 60 monthly payments of £581.76 and 216 monthly payments of £694.61.
The total amount payable would be £185,066.36 made up of the loan amount plus interest (£69,057.36) and mortgage exit fees (£125).
The overall cost for comparison is 4.4% APRC representative.