• The Society’s discounted Standard Variable rate (SVR) mortgage schemes have their interest rate set at a specified “discount” level below our Standard Variable Rate (currently 8.39%) 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 2.25% meaning you would pay a rate of 6.14% (8.39% – 2.25% 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 7.7% APRC representative*
  • Booking Fee £125 payable upfront and non-refundable
  • No Higher Lending Charge and Free standard valuation (up to £540)
  • There is a floor of 2.5% on this mortgage which means that the rate of interest charged will not fall below 2.5%
  • 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
  • Capital and Interest (Repayment) basis only
  • Available for First Time Buyers for purchase only (At least one applicant must never have owned a property before)
  • Minimum mortgage amount £100,000. Maximum mortgage amount £250,000
*Representative example:
Loan Amount£178,000
Electronic Transfer of Funds (added to loan)£30
Total Amount of Credit£178,030
Term25 years
Property Value£234,000
Booking Fee£125
Solicitors Mortgage Fees (Estimate)£150
Deeds Release Fee£50
Sealing Fee£100
1 payment at the Society’s SVR less 2.25% (currently 6.14%)£1,610.32
Followed by 59 payments at the Society’s SVR less 2.25% (currently 6.14%)£1,162.33
Followed by 240 payments at the Society’s SVR (currently 8.39%)£1,382.36
Total Amount Payable£402,379.19
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£223,924.19

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


Additional information

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. 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

Product Code 300 – September 2023

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