|Period of Loan||Rate Payable|
|Month 61 onwards||
Standard Variable Rate, Currently:
|Overall cost for comparison||4.0% APRC|
£40,000 to £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.
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 Million in Value)
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 amount borrowed / 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 reduce (or be re-calculated) and the amount of interest you pay will be reduced immediately.
A mortgage of £176,655.39 payable over 19 years and 10 months initially on a fixed rate for 5 years at 2.45% and then on our current variable rate of 5.24% for the remaining 14 years and 10 months, would require 60 monthly payments of £937.88 and 178 monthly payments of £1,131.82.
The total amount payable would be £257,861.76 made up of the loan amount plus interest (£81,081.37) and Mortgage Exit Fees, payable to Monmouthshire Building Society on the final repayment. (£125.00).
The overall cost for comparison is 4.0% APRC representative.