If you fail to keep up with payments on your mortgage a 'receiver of rent' may be appointed and/or your rental property may be repossessed.
|Period of Loan||Rate Payable|
Initial Variable Rate, Currently:
|Month 25 onwards||
Standard Variable Rate, Currently:
|Overall cost for comparison||4.5% APRC|
Interest Rates are variable. All discounts are off our Standard Variable Rate. If our Standard Variable Rate changes, your monthly repayments could go up or down.
No Product Fee
No minimum loan size.
Maximum loan size £1,000,000.
Interest Only, Repayment or Mixed Interest-Only/Repayment.
During the first 2 years an early repayment charge of 2% of the amount repaid will be incurred. After this period no early repayment charges apply.
Regular overpayments are not permitted during the first 2 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 5% of the original loan amount in each of the first 2 years without an early repayment charge. However, during the first 2 years any additional amount repaid above the 5% permitted will be subject to an Early Repayment Charge of 2% of the amount repaid in year 1 & 2% of the amount repaid in year 2. Following receipt of a lump sum payment, the amount that you owe, and so the amount of interest you pay, is reduced immediately.
Applications will not be considered in respect of:
A mortgage of £221,191.47 payable over 22 years and 7 months initially on a discount rate for 2 years at 3.14% and then on our current variable rate of 4.74% for the remaining 20 years and 7 months, would require 24 monthly payments of £1,140.54 and 247 monthly payments of £1,315.73.
The total amount payable would be £352,483.27 made up of the loan amount plus interest (£131,166.80) and Mortgage Exit Fees (£125.00).
The overall cost for comparison is 4.5% APRC representative.