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 |
| Months 1-60 |
Initial Fixed Rate, Currently: 3.19% |
| Month 61 onwards |
Standard Variable Rate, Currently: 5.24% |
| Overall cost for comparison | 4.6% APRC |
Interest Rates are fixed.
F561
No Product Fee
95% LTV
£40,000 to £500,000
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.
None
One Free Standard Valuation (On Properties up to £1 Million in Value)
None
- The maximum Loan to Value is the amount of a mortgage loan expressed as a percentage of the purchase price or valuation, whichever is the lower.
- If you move house during the fixed period you may be able to transfer these product terms, up to the amount of this loan. You can only transfer these terms if you occupy the new property and it is within England and Wales. The new loan must complete at the same time you redeem this loan and you must still meet the Society’s lending criteria at that time. If you do not take out a new loan with the Society or the new loan is for less than this loan, an Early Repayment Charge will apply.
- For loans greater than £500,000 please contact us.
- Mortgage interest is calculated on a daily basis.
- Our Tariff of Mortgage Charges gives details of the charges payable in connection with mortgage applications and additional administration following completion of your loan.
- Loans available to persons aged 18 or over and are subject to status and valuation of a suitable property, over which security will be required. All lending will be subject to appraisal of the financial standing of the applicants.
Representative Example
A mortgage of £115,644.00 payable over 29 years and 1 month initially on a fixed rate for 5 years at 3.19% and then on our current variable rate of 5.24% for the remaining 24 years and 1 month would require 60 monthly payments of £508.91 and 289 monthly payments of £625.35.
The total amount payable would be £211,660.75 made up of the loan amount plus interest (£95,616.75), legal costs (estimated £250), funds transfer fee (£25) and mortgage exit fees (£125).
The overall cost for comparison is 4.6% APRC representative.
