|Period of Loan||Rate Payable|
Initial Fixed Rate, Currently:
|Month 61 onwards||
Standard Variable Rate, Currently:
|Overall cost for comparison||4.5% APRC|
No Product Fee
90% LTV within our lending area only
£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.
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 5 years from completion. 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. 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 £116,656.00 payable over 27 years and 7 months initially on a fixed rate for 5 years at 2.93% and then on our current variable rate of 5.24% for the remaining 22 years and 7 months, would require 60 monthly payments of £514.24 and 271 monthly payments of £641.81.
The total amount payable would be £205,534.91 made up of the loan amount plus interest (£88,128.91), Despatch Of Title Deeds Fee (£50.00), Mortgage Discharge & Sealing Fee (£75.00), Telegraphic Transfer Fee (£25.00), Valuation Fee on application (£200.00), Administration Fee on application (£150.00), Legal Fees (Estimated £250.00).
The overall cost for comparison is 4.5% APRC representative.