• 2.25% 5 Year discount off the Society’s Standard Variable Rate (SVR) currently 5.24% giving a rate of 2.99%
  • Year 6 onwards will be at the Society’s SVR meaning the rate then changes to that rate which is currently 5.24%
  • The overall cost for comparison is 4.5% APRC representative*
  • Booking Fee of £125 payable upfront and non-refundable
  • No Arrangement Fee, No Higher Lending Charge and Free standard valuation
  • There is a collar of 2.5% on this mortgage which means that the rate of interest charged will not fall below 2.5%
  • 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 £234,000
Electronic Transfer of Funds (added to loan) £30
Total Amount of Credit £234,030
Term 25 years
Property Value £260,000
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 2.99%) £1,472.83
Followed by 59 payments at the Society’s SVR less 2.25% (currently 2.99%) £1,108.58
Followed by 240 payments at the Society’s SVR (currently 5.24%) £1,352.33
Total Amount Payable £391,863.25
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 £157,408.25

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 a collar of 2.5% on this mortgage which means that the rate of interest charged will not fall below 2.5%

6. 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

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

8. Capital and Interest (repayment) basis only

9. Maximum mortgage amount £250,000

10. A free standard mortgage valuation is offered. A mortgage valuation is for the Society’s use to ensure there is adequate security for lending

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

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

these have been included in the APRC calculation

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