|Period of Loan||Rate Payable|
Initial Variable Rate, Currently:
|Month 25 onwards||
Standard Variable Rate, Currently:
|Overall cost for comparison||4.7% APRC|
Interest Rates are variable. All discounts are off our Standard Variable Rate.
£40,000 to £1,000,000 for any single property
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.
You may make capital repayments without an Early Repayment Charge.
You will not have to pay the usual legal fees in securing your new mortgage if our appointed solicitors are used.
Our solicitors act for the Society only to ensure we have good legal claim over your property. You will have to pay for any additional legal work that the solicitors do which is beyond the usual scope of a simple remortgage, for example, change of your name, transfers of equity, deeds of postponement, merger of freehold and leasehold, remedy of any title defect, etc.
One free standard valuation on properties up to £1,000,000 in value
A mortgage of £216,897 payable over 21 years and 7 months initially on a discounted variable rate for 2 years at 1.74% and then on our current variable rate of 5.24% for the remaining 19 years and 7 months would require 24 monthly payments of £1,005.11 and 235 monthly payments of £1,363.13.
The total amount payable would be £345,607.19 made up of the loan amount plus interest (£127,561,19), Mortgage Discharge & Sealing Fee (£75), Despatch of Title Deeds Fee (£50), Telegraphic Transfer Fee (£25) and Product Fee (£999).
The overall cost for comparison is 4.7% APRC representative.