|Period of Loan||Rate Payable|
Initial Fixed Rate, Currently:
|Month 61 onwards||
Standard Variable Rate, Currently:
|Overall cost for comparison||4.7% APRC|
Interest Rates are fixed.
No Product Fee
£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.
One Free Standard Valuation (On Properties up to £1 Million in Value)
Cashback will be provided to the home owner upon completion in the form of a cheque or BACS transfer.
A mortgage of £115,644.00 payable over 29 years and 2 months initially on a fixed rate for 5 years at 3.44% and then on our current variable rate of 5.24% for the remaining 24 years and 2 months would require 60 monthly payments of £523.87 and 290 monthly payments of £627.40.
The total amount payable would be £213,778.20 made up of the loan amount plus interest (£97,734.20), legal costs (estimated £250), funds transfer fee (£25) and mortgage exit fees (£125).
The overall cost for comparison is 4.7% APRC representative.