• The Society’s Standard Variable Rate (SVR) currently 4.99% plus 1.00% for 2 years giving a pay rate of 5.99%
  • Year 3 onwards will be at the Society’s SVR meaning the rate then changes to that rate which is currently 4.99%
  • The overall cost for comparison is 5.4% APRC representative*
  • Booking Fee of £125 payable upfront and non-refundable
  • Arrangement Fee of £999 for mortgages up to £250,000 and 0.5% for mortgages over £250,000
  • 75% maximum loan to value at stage release, 50% LTV on land
  • There is a collar of 2.5% on this mortgage which means that the rate of interest charged will not fall below 2.5%
  • An Early Repayment Charge of 2% of the redemption balance is payable if the mortgage is redeemed or rearranged within the first 2 years
  • Available for purchase or remortgage
*Representative example:
Loan Amount £170,000
Arrangement Fee (added to loan) £999
Electronic Transfer of Funds (added to loan) £30
Total Amount of Credit £171,029
Term 25 years
Property Value £490,000
Booking Fee £125
Valuation Fee (including £25 valuation administration fee) £410
Re-inspection Fee £100
Solicitors Mortgage Fees (Estimate) £150
Deeds Release Fee £50
Sealing Fee £100
1 payment at the Society’s SVR plus 1.0% (currently 5.99%) £1,465.78
Followed by 22 payments at the Society’s SVR plus 1.0% (currently 5.99%) £1,100.90
Followed by 276 payments at the Society’s SVR (currently 4.99%) £1,009.46
Total Amount Payable £305,231.54
The Total Amount Payable is made up of the Total Amount of Credit, other fees payable (not added to the loan), plus the interest of £133,367.54

Your home may be repossessed if you do not keep up repayments on your mortgage

 

Additional Terms & Conditions

 

  1. The Society will require a first charge over the property
  2. At the end of the 2 year period the rate will revert to the Standard Variable rate, meaning the rate then changes to 4.99%
  3. Capital repayments and overpayments are permitted subject to a maximum of 20% per financial year of the amount advanced or transferred capital balance. Capital repayments are subject to a minimum of £1,000 over the normal monthly payment
  4. Following receipt of a regular overpayment or lump sum, the amount you owe, and so the interest you pay, is reduced immediately
  5. There is a Booking Fee of £125, payable upfront and non-refundable
  6. There is an Arrangement Fee of £999 for mortgages up to £250,000 and 0.5% for mortgages over £250,000. This can be added but interest will be charged for the remaining term of the mortgage, or the fee can be paid on or before completion and interest will not be charged
  7. There is a collar of 2.5% on this mortgage which means that the rate of interest charged will not fall below 2.5%
  8. An Early Repayment Charge of 2% of the redemption balance is payable if the mortgage is redeemed or rearranged within the first 2 years
  9. Maximum loan to value 75%. Only 50% may be on Interest Only if there is a credible repayment strategy in place. The remaining amount must be on a Capital and Interest (repayment) basis.
  10. 50% loan to value is the maximum advance on land and this can be increased to 75% of the loan to value at stage releases
  11. Each stage release will require a revaluation at a cost of, currently, £100.00
  12. Copies of planning permission, detailed plans and full details of either NHBC or Architect Certificate will be required along with a build schedule.
  13. Maximum mortgage amount £450,000
  14. There are other fees which could apply to your mortgage:
Electronic transfer of funds £30
Deeds Release Fee £50
Sealing Fee £100
Estimated legal costs in conjunction with a mortgage and estimated Valuation Fee
Higher Lending Charge if applicable

these have been included in the APRC calculation

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