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 Variable Rate, Currently:
|Month 25 onwards||
Standard Variable Rate, Currently:
|Overall cost for comparison||4.7% APRC|
Interest Rates are variable. All discounts are off our Standard Variable Rate. If our Standard Variable Rate changes, your monthly repayments could go up or down.
No Product Fee
£30,000 to £500,000 for any single property
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 2 years an early repayment charge of 1% of the amount repaid will be incurred. After this period no early repayment charges apply.
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 30% of the original sum borrowed in each of the first 2 years without an early repayment charge. However, during the first 2 years any additional amount repaid above the 30% permitted will be subject to an Early Repayment Charge of 1% of the amount repaid. 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 £192,226 payable over 22 years and 2 months initially on a discounted variable rate for 2 years at 2.24% and then on our current variable rate of 5.24% for the remaining 20 years and 2 months would require 24 monthly payments of £917.51 and 242 monthly payments of £1,196.36.
The total amount payable would be £311,664.36 made up of the loan amount plus interest (£119,313.36) and mortgage exit fees (£125).
The overall cost for comparison is 4.7% APRC representative.