• Discount for 5 years off the Society’s Standard Variable Rate (SVR) currently 4.99% as follows:
    • 1.60% in the first three years giving a rate of 3.39%
    • 2.00% in Years 4 and 5 meaning the rate then changes to 2.99%
  • Year 6 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 4.4% APRC representative*
  • Booking Fee of £100 payable upfront and non-refundable
  • Arrangement Fee of £1,100 for mortgages up to £250,000 and 0.5% for mortgages over £250,000
  • There is a collar of 2.5% on this mortgage which means that the rate of interest charged will not fall below 2.5%
  • Minimum loan £75,000, maximum £550,000
  • 75% maximum loan to value
  • There is an Early Repayment Charge if the mortgage is redeemed or rearranged in the first 3 years, calculated as follows:
    • 2% of the redemption balance is payable within the first 2 years
    • 1.5% of the redemption balance is payable in year 3
  • Free standard valuation (up to £515)
  • Available for purchase only
*Representative example:
Loan Amount £242,500
Arrangement Fee (added to loan) £1,100
Own Buildings Insurance Fee (added to loan) £25
Electronic Transfer of Funds (added to loan) £30
Total Amount of Credit £243,655
Term 25 years
Property Value £540,000
Booking Fee £100
Solicitors Mortgage Fees (Estimate) £150
Deeds Release Fee £50
Sealing Fee £100
1 payment at the Society’s SVR less 1.60% (currently 3.39%) £1,477.03
Followed by 34 payments at the Society’s SVR less 1.60% (currently 3.39%) £1,205.47
Followed by 24 payments at the Society’s SVR less 2.00% (currently 2.99%) £1,164.63
Followed by 240 payments at the Society’s SVR (currently 4.99%) £1,386.01
Total Amount Payable £403,456.53
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 £159,401.53

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. 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
  3. Following receipt of a regular overpayment or lump sum, the amount you owe, and so the interest you pay, is reduced immediately
  4. There is a Booking Fee of £100, payable upfront and non-refundable
  5. There is an Arrangement Fee of £1,100 on 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
  6. There is a collar of 2.5% on this mortgage which means that the rate of interest charged will not fall below 2.5%
  7. There is an Early Repayment Charge if the mortgage is redeemed or rearranged in the first 3 years, calculated as follows:
    • 2% of the redemption balance is payable within the first 2 years
    • 1.5% of the redemption balance is payable in year 3
  8. A free standard mortgage valuation is offered subject to a maximum fee paid by the Society of £515. A mortgage valuation is for the Society’s use to ensure there is adequate security for lending
  9. Maximum loan to value 75%. 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. Minimum mortgage amount £75,000
  11. Maximum mortgage amount £550,000
  12. 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

these have been included in the APRC calculation

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