• Our discounted SVR mortgage schemes have their interest rate set at a specified “discount” level below our Standard Variable Rate (currently 4.89%) for a specific initial scheme period.
  • The initial scheme period for this product is 5 years meaning that the discount applies over a 5 year period. In this 5 year period the discount is 1.60% meaning you would pay a rate of 3.29% (4.89% – 1.60% discount). However, if the SVR rate increases you would have a higher interest rate than the rate quoted above and your monthly repayments would increase. Conversely, if the SVR rate decreased, you may have a lower interest rate than the rates quoted above and your monthly repayments may decrease. From Year 6 onwards the rate will be at the Society’s SVR meaning the rate then changes to what the SVR is at that time
  • The overall cost for comparison is 4.4% APRC representative*
  • Booking Fee £125 payable upfront and non-refundable
  • Arrangement Fee of £999
  • No Higher Lending Charge and Free standard valuation (up to £540)
  • 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 mortgage amount £100,000
  • Maximum mortgage amount £250,000
  • 95% maximum loan to value (LTV) Houses only. Flats/Maisonettes 75% LTV
  • There is an Early Repayment Charge if the mortgage is redeemed or rearranged in the first 5 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 years 3 and 4
    • 1% of the redemption balance is payable in year 5
  • Available for First Time Buyers for purchase only
*Representative example:
Loan Amount£152,000
Electronic Transfer of Funds (added to loan)£30
Arrangement Fee£999
Total Amount of Credit£153,029
Term25 years
Booking Fee£125
Property Value£181,000
Solicitors Mortgage Fees (Estimate)£150
Deeds Release Fee£50
Sealing Fee£100
1 payment at the Society’s SVR less 2.00% (currently 2.89%)£1,148.98
Followed by 58 payments at the Society’s SVR less 2.00% (currently 2.89%)£748.97
Followed by 241 payments at the Society’s SVR (currently 4.89%)£861.83
Total Amount Payable£252,602.41
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£99,148.41

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 £125, payable upfront and non-refundable

5. There is an Arrangement Fee of £999. This can be added provided the LTV to include the fee does not exceed 95% 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 5 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 years 3 and 4
– 1% of the redemption balance is payable in year 5

8. Maximum loan to value (LTV) 95%.  Houses only. Flats/Maisonettes 75% LTV

9. Capital and Interest (repayment) basis only

10. There is a minimum mortgage amount of £100,000 and a maximum mortgage amount of £250,000

11. A free standard mortgage valuation is offered subject to a maximum fee paid by the Society of £540. A mortgage valuation is for the Society’s use to ensure there is adequate security for lending

12. Only available to First Time Buyers with at least 1 applicant purchasing for the first time.

13. 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

these have been included in the APRC calculation

 

Product Code 267 – June 2021

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