If you fail to keep up with payments on your mortgage a 'receiver of rent' may be appointed and/or your rental property may be repossessed.
|Period of Loan||Rate Payable|
Initial Variable Rate, Currently:
|Month 25 onwards||
Standard Variable Rate, Currently:
|Overall cost for comparison||5.0% 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
£40,000 to £1,000,000
Interest Only, Repayment or Mixed Interest-Only/Repayment.
During the first 2 years an early repayment charge of 2% 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 5% of the original loan amount in each of the first 2 years without an early repayment charge. However, during the first 2 years any additional amount repaid above the 5% permitted will be subject to an Early Repayment Charge of 2% of the amount repaid in year 1 & 2% of the amount repaid in year 2. Following receipt of a lump sum payment, the amount that you owe, and so the amount of interest you pay, is reduced immediately.
Applications will not be considered in respect of:
A mortgage of £194,631.00 payable over 18 years and 8 months initially on a discount rate for 2 years at 3.64% and then on our current variable rate of 5.24% for the remaining 16 years and 8 months would require 24 monthly payments of £1,198.28 and 200 monthly payments of £1,347.69.
The total amount payable would be £298,427.48 made up of the loan amount plus interest (£103,671.48) and mortgage exit fees (£125).
The overall cost for comparison is 5.0% APRC representative.