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, Currently:
|Month 61 onwards||
Standard Variable Rate, Currently:
|Overall cost for comparison||4.3% APRC|
Interest Rates are fixed.
£999 (can be added to the loan)
90% LTV within our lending area only**
£40,000 to £475,000
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 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 £116,656 payable over 27 years and 7 months initially on a fixed rate for 5 years at 2.67% and then on our current variable rate of 4.99% for the remaining 22 years and 7 months would require 60 monthly payments of £498.38 and 271 monthly payments of £624.14.
The total amount payable would be £200,785.74 made up of the loan amount plus interest (£82,388.74) product fee (£999), valuation fee (£192), application fee (£150), legal costs (estimated £250), funds transfer fee (£25) and mortgage exit fees (£125).
The overall cost for comparison is 4.3% APRC representative.