|Period of Loan||Rate Payable|
Initial Fixed Rate, Currently:
|Month 25 onwards||
Standard Variable Rate, Currently:
|Overall cost for comparison||4.8% APRC|
Interest Rates are fixed.
No Product Fee
£40,000 to £1,000,000
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 2 years an early repayment charge of 3% 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 10% 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 10% 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 £178,058 payable over 23 years and 4 months initially on a fixed rate for 2 years at 2.40% and then on our current variable rate of 5.24% for the remaining 21 years and 4 months would require 24 monthly payments of £831.13 and 256 monthly payments of £1,080.85.
The total amount payable would be £296,769.72 made up of the loan amount plus interest (£118,586.72) and mortgage exit fees (£125).
The overall cost for comparison is 4.8% APRC representative.