|Period of Loan||Rate Payable|
Initial Fixed Rate, Currently:
|Month 61 onwards||
Standard Variable Rate, Currently:
|Overall cost for comparison||4.6% APRC|
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)
£1000 cashback will be provided to the Solicitor upon completion in the form of a BACS transfer.
A mortgage of £197,376.76 payable over 29 years initially on a fixed rate for 5 years at 3.34% and then on our current variable rate of 5.24% for the remaining 24 years, would require 60 monthly payments of £886.25 and 288 monthly payments of £1,071.45.
The total amount payable would be £362,152.60 made up of the loan amount plus interest (£164,375.84) and Telegraphic Transfer Fee, (£25.00), Mortgage Exit Fees, payable to Monmouthshire Building Society on the final repayment. (£125.00), Legal Fees. This is an estimated amount and may change. (£250.00).
The overall cost for comparison is 4.6% APRC representative.