|Period of Loan||Rate Payable|
Initial Variable Rate, Currently:
|Month 25 onwards||
Standard Variable Rate, Currently:
|Overall cost for comparison||4.7% 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.
£1,999 (can be added to the loan)
£30,000 to £500,000
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 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 10% 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 10% permitted will be subject to an Early Repayment Charge of 2% of the amount repaid in years 1 & 2. Following receipt of a lump sum payment, the amount that you owe, and so the amount of interest you pay, is reduced immediately.
A mortgage of £191,951 payable over 22 years and 4 months initially on a discounted variable rate for 2 years at 1.24% and then on our current variable rate of 5.24% for the remaining 20 years and 4 months would require 24 monthly payments of £820.35 and 244 monthly payments of £1,179.62.
The total amount payable would be £310,352.68 made up of the loan amount plus interest (£115,564.68), product fee (£1,999), valuation fee (£288), application fee (£150), legal costs (estimated £250), funds transfer fee (£25) and mortgage exit fees (£125).
The overall cost for comparison is 4.7% APRC representative.