|Period of Loan||Rate Payable|
Initial Variable Rate, Currently:
|Month 25 onwards||
Standard Variable Rate, Currently:
|Overall cost for comparison||4.8% 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
£50,000 to £500,000
Mixed Repayment/Interest only mortgages will be considered but the interest only element cannot exceed 75% LTV. The latter only applies to new borrowers. Existing borrowers will be allowed to transfer their existing interest only loan if they move house. If they wish to borrow more than their current interest only element this must be on a repayment basis. Where borrowers wish to continue with an interest only loan they will be required to advise the Society how they intend repaying this
During the first 2 years any additional amount repaid above the 5% permitted will be subject to an Early Repayment Charge of 3% 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.
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 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 5% permitted will be subject to an Early Repayment Charge of 3% 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 £197,048 payable over 18 years and 9 months initially on a discount rate for 2 years at 2.74% and then on our current variable rate of 5.24% for the remaining 16 years and 9 months would require 24 monthly payments of £1,120.89 and 201 monthly payments of £1,350.97.
The total amount payable would be £298,571.33 made up of the loan amount plus interest (£101,398.33) and mortgage exit fees (£125).
The overall cost for comparison is 4.8% APRC representative.