|Period of Loan||Rate Payable|
Initial Variable Rate, Currently:
|Month 37 onwards||
Standard Variable Rate, Currently:
|Overall cost for comparison||4.6% 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
Interest Only, Repayment or Mixed Interest-Only/Repayment.
During the first 3 years any additional amount repaid above the 5% permitted will be subject to an Early Repayment Charge of 3% of the amount repaid within the first year, then 2% for the second year and 1% for the final year. 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 3 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 amount outstanding at the time of the rate switch in each of the first 3 years without an early repayment charge. However, during the first 3 years any additional amount repaid above the 5% permitted will be subject to an Early Repayment Charge of 3% of the amount repaid in year 1, 2% of the amount repaid in year 2, 1% of the amount repaid in year 3. Following receipt of a lump sum payment, the amount that you owe, and so the amount of interest you pay, is reduced immediately.
£40,000 to £1,000,000
Applications will not be considered in respect of:
A mortgage of £89,979 payable over 19 years and 9 months initially on a discount rate for 3 years at 2.74% and then on our current variable rate of 5.24% for the remaining 16 years and 9 months would require 36 monthly payments of £492.03 and 201 monthly payments of £593.03.
The total amount payable would be £137,037.11 made up of the loan amount plus interest (£46,933.11) and mortgage exit fees (£125).
The overall cost for comparison is 4.6% APRC representative.