|Period of Loan||Rate Payable|
Initial Fixed Rate, Currently:
|Month 61 onwards||
Standard Variable Rate, Currently:
|Overall cost for comparison||4.4% APRC|
No Product fee
No minimum loan size.
Maximum loan size £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 5 years any additional amount repaid above the 10% permitted will be subject to an Early Repayment Charge of 5% of the amount repaid in year 1, 4% of the amount repaid in year 2, 3% of the amount repaid in year 3, 2% of the amount repaid in year 4 & 2% of the amount repaid in year 5.
Regular overpayments are not permitted during the first 5 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 5 years, without an early repayment charge. However, during the first 5 years any additional amount paid above the 10% permitted will be subject to an Early Repayment Charge of 5% of the amount repaid in year 1, 4% of the amount repaid in year 2, 3% of the amount repaid in year 3, 2 % of the amount repaid in year 4 and 2% of the amount repaid in year 5. Following receipt of the lump sum payment, the amount that you owe, and so the interest you pay, is reduced immediately.
A mortgage of £115,884 payable over 23 years initially on a fixed rate for 5 years at 3.00% and then on our current variable rate of 5.24% for the remaining 18 years and would require 60 monthly payments of £590.70 and 216 monthly payments of £696.67.
The total amount payable would be £186,047.72 made up of the loan amount plus interest (£70,038.72) and mortgage exit fees (£125).
The overall cost for comparison is 4.4% APRC representative.